The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NELSON ALDRICH itionetari Commission MISCELLANY Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which it is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in complex society. The act places the producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the use of an artificial device that is as essential to the distribution of wealth as labor is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal iudustrial condition. The proposed amendment alone will give the fruit of toil to those who create it—because it will cut off the present unjust income of the nonproducer. Very respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., June, 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. itt post— Currency paid for 25c. Address Secretary La League, 231 Kittredge Bldg. Denver, lorado. THE MONEY SHORTAGE Its Magnitude and Blighting Influence Supplemental Communication No. 4. The Land Currency League Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission. Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity of borrowing. It aims to call such a volumn of money into existence for the use of the commercial world that A's money will not be required to "finance" B's enterprise. The purpose of the measure is to deprive A of the power to exact "interest" from B for the use of an available representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a volumn of money sufficient to employ its full powers of production, and to conserve in tangible form the savings of those engaged in useful pursuits. With such a volumn in existence the industrious will acquire and own the money necessary to prosecute their undertakings. Money users are now compelled to borrow because of a money shortage. The state does not create enough money to answer the needs for money. The present supply is more than $12,000,000,000 short-of the sum required to conserve in money the savings of those engaged in useful avocations. A money shortage not only enables those who have a surplus to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to, that exacted for the use of gold and silver coins. The blighting Money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor Alike—a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit---a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volume are normal and a measure that would provide a sufficiency would beget abnormal prices. Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this preposterous belief. The credit constituent of our present circulating medium of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12,000.000,000. Ours is an automatic plan for supplying this deficit. We suggest a feasible and scientific system that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. 4t We right our wrongs and brings order out of chaos by a single rational act, namely: By making the money supply equal our commercial needs! The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for the labor necessary to make his money yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. It is a singular fact that mvii are rare who perceive that it is possible to abolish 'poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago--probably under the first civil government having powers defined by written laws—an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has remained undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science—has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every • civilized nation of the earth. This silent law—which alone prevents a just division of roduct—is the law which for ages has confined volume of legal money to the coinage of the precious metals! Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which it is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in • complex society. The act places the producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the use of an artificial device that is as essential to the distribution of wealth as labor is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal iudustrial condition. The proposed amendment alone will give the fruit of toil to those who create it--because it will cut off the present, unjust income of the nonproducer. Very respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. • Committee. Denver, Colo., June, 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post— paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver, Colorado. THE MONEY SHORTAQE Its Magnitude and Blighting Influence Supplemental Communication No. 4. The Land Currency League to Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission. Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity of borrowing. It aims to call such a volumn of money into existence for the use of the commercial world that A's money will not be required to "finance" B's enterprise. The purpose of the measure is to deprive A of the power to exact "interest— from B for the use of an available representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a volumn of money sufficient to employ its full powers of production, and to conserve in tangible form the savings of those engaged in useful pursuits. With such a volumn in existence the industrious will acquire and own the money necessary to prosecute their undertakings. Mo'ney users are now compelled to borrow because of a money shortage. The state does not create enough money to answer the needs for money. The present supply is more than $12,000,000,000 short.of the sum required to conserve in money the savings of those engaged in useful avocations. A money shortage not only enables those who have a surplus to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to that exacted for the use of gold and silver coins. The blighting money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor alike—a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit -a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volume are normal. and a measure that would provide a sufficiency would beget abnormal prices. Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this preposterous belief. The credit constituent of our present circulating medium of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12,000,000,000. Ours is an automatic plan for supplying this deficit. We suggest a feasible and scientific system that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. We right our wrongs and brings order out of chaos by a single rational act, namely: By making the money supply equal our commercial needs! • The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for the labor necessary to make his money yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. It is a singular fact that men are rare who perceive that it is possible to abolish poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago--probably under the first civil government having powers defined by written laws— an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has remained undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science— has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every civilized nation of the earth. This silent law- which alone prevents a just division of product—is the law which for ages has confined the volume of legal money to the coinage of the precious metals! Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which it is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in complex society. The act places the producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the use of an artificial device that is as essential to the distribution of wealth as labor is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal industrial condition. The proposed amendment alone will give the fruit of toil to those who create it—because it will cut off the present unjust income of ,the nonproducer. Very respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Cob., June, 1909. Read "THE DISTURBING FACTOR IN HUMN AFFAIRS," By James D. Holden. Sent postpaid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver, Colorado. so THE MONEY SHORTAGE • Its Magnitude and Blighting Influen( e Supplemental Communication No. 4. The Land Currency League • to Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission. Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity of borrowing. It aims to call such a volumn of money into existence for the use of the commercial world that A's money will not be required to "finance",B's enterprise. The purpose of the measure is to deprive A of the power to exact "interest" from B for the use of an available representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a yolumn of money sufficient to employ its full powers of production, and to conserve in tangible form the savings of those engaged in useful pursuits. With such a volumn in existence the industrious will acquire and own the money necessary to prosecute their undertakings. Money uscrs are now compelled to borrow because of a money shortage. The state does not create enough money to answer the needs for money. The present supply is more than $12,000,000,000 shortcut the sum required to conserve in money the savings of those engaged in useful avocations. A money shortage not only enables those who have a surplus to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to that exacted for the use of gold and silver coins. • The blighting money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor alike—a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit- a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volume are normal. and a measure that would provide a sufficiency would beget abnormal prices. Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this preposterous belief. The eredit constituent of our present circulating medium of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12,000,000,000. Ours is an automatic plan for supplying this deficit. We suggest a feasible and scientific system that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. We right our wrongs and brings order out of chaos 4_2 single rational act, namely: By making the money supply equal our commercial needs! The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for the labor necessary to make his money yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. It is a singular fact that men are rare who perceive that it is possible to abolish poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago probably under the first civil government having powers defined by written laws- an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has rematned undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science- has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every civilized nation of the earth. This silent law which alone prevents a just division of product -is the law which for ages has confined the volume of legal money to the coinage of the precious metals! Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which it is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in complex society. The act places the producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the use of an artificial device that is as essential to the distribution of wealth as labot is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal iudustrial condition. The proposed amendment alone will give the fruit of toil to those who create it--because it will cut off the present unjust income of the nonproducer. Very respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., June, 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver, Colorado. THE MONEY SHORTAGE Its Magnitude and Blighting Influence Supplemental Communication No. 4. The Land Currency League to Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission, Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity of borrowing. It aims to call such a volumn of money into existence for the use of the commercial world that A's money will not be required to "finance" B's enterprise. The purpose of the measure is to deprive A of the power to exact "interest" from B for the use of an available representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a volumn of money sufficient to employ its full powers of production,. and to conserve in tangible form the savings of those engaged in useful pursuits. With such a volumn in existence the industrious will acquire and own the money necessary to prosecute their undertakings. •41) Money users are now compelled to borrow because of a money shortage. The state does not creatf! enough money to answer the needs for money. The present supply is more than $12,000,000,000 short of the sum required to conserve in money the savings of those engaged in useful avocations. A money shortage not only enables those who have a surplus,to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to that exacted for the use of gold and silver coins. The blighting money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor alike—a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit -a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volume are normal. and a measure that would provide ' a sufficiency would beget abnormal prices. Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this preposterous belief. The credit constituent of our present circulating medium of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12,000,000,000. Ours is an automatic plan for supplying this deficit. We suggest a feasible and scientific system . that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. We right our wrongs and brings order out of chaos by a sinte rational act, namely: By making the money supply equal our commercial needs! The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for the labor necessary to make his money yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. It is a singular fact that men are rare who perceive that it is possible to abolish poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago—probably under the first civil government having powers defined by written laws—an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has remained undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science—has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every civilized nation of the earth. This silent law—which alone prevents a just division of product—is the law which for ages has confined the volume of legal money to the coinage of the precious metals! Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which it is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in complex society. The act places the Producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the use of an artificial device that is as essential to the distribution of wealth as labor is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal iudustrial condition. The proposed amendment alone will give the fruit of toil to those who create it—because it will cut off the present unjust income of the nonproducer. Very respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., June, 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post— paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver, Colorado. THE MONEY SHORTAGE Its Magnitude and Blighting Influence Supplemental Communication No. 4. The Land Currency League to Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission. Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity Qf borrowing. It aims to call such a volumn of money into existence for the use of the commercial world that A's money will not be required to "finance" B's enterprise. The purpose of the measure is to deprive A of the power to exact 'interest"•from B for the use of an available representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a volumn of money sufficient to employ its full powers of production, and to conserve in tangible form the savings of those engaged in useful pursuits. With such a volumn in existence the industrious will acquire and own the money necessary to prosecute their undertakings. Money users are now compelled to borrow because of a mon'ey shortage. The state does not create enough money to answer the needs for money. The present supply is more than $12,000,000,000 short of the sum required to conserve in money the savings of those engaged in useful avocations. A ,money shortage not only enables those who have a surplus to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to that exacted for the use of gold and silver coins. The blighting money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor alike--a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit—a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volume are normal. and a measure that would provide a sufficiency would beget abnormal prices. Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this preposterous belief. The credit constituent of our present circulating medium' of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12,000,000,000. Ours is an automatic plan for supplying this deficit. We suggest FL feasible and scientific system that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. We right our wrongs and brings order out of chaos by a single rational act, namely: By making the money supply equal our commercial needs! • The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for tile labor necessary to make his money yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. It is a singular fact that men are rare who perceive that it is possible to abolish poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago—probably under the first civil government having powers defined by written laws—an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has remained undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science--has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every civilized nation of the earth. This silent law which alone prevents a just division of product is the law which for ages has confined the volume of legal money to the coinage of the precious metals! COSTLESS CURRENCY alone will insure a just division of product. It solves the problem of distribution! Nothing is more certain than that poverty among the industrious is the inevitable effect of our preposterous currency system. e4 OSTLESS URRENCY. A NEW MONEY SYSTEM YOU HAVE READ this argument which, if true, means so much to you, to yours, and to us all. If you are impressed with its logic, and believe beneficial results would follow a general discussion of the simple remedy proposed, and are willing to aid in disseminating the new idea :we Send 25c to the Secretary of THE LAND CURRENCY LEAGUE, 231 Kittredge Bldg., Denver, Colo., and you will receive, post-paid, 10 copies of this argument for distribution among your thinking friends. Under Consideration By The NATIONAL CURRENCY COMMISSION. Issued By THE LAND CURRENCY LEAGUE. COSTLESS CURRENCY IS THE WAY OUT! United Effort Will Bring It! HELP SOW THE SEEM Denver, Colorado. To With Compliments of ow "Put a shoulder to the wheel." T —• et• ,— —• This pamphlet contains the argument addressed to the U. S. Monetary Commission* by the Land Currency League of the city of Denver, elucidating a new, but feasible and scientific method of providing national currency by a system that will automatically supply every legitimate demand for money. The argument consists of an address and three supplemental communications to the Colorado members of the National Commission, Messrs. Teller and Bonynge, of Denver. *The Commission appointed by the 60th Congress to discover the defects in our currency system consists of Senators Aldrich, Burrows, Daniels, Hale, Knox, Money, Teller; Representatives Bonynge, Burton, (0) Overstreet, Padgett, Pugo, Smith, (Calif.) Vreeland, Weeks, and See'y Shelton of the Senate Finance Committee. 1 ADDRESS Delivered by James D. Holden, of the Land Cur_ rency League, to the Colorado Members of the Commission. Gentlemen: We are a delegation appointed by The Land Currency League to present for your consideration what we believe to be a correct theory of currency. Our purpose in seeking this audience Is to impress you with its importance, and to convince you, if possible, that at last we have the true solution of the currency problem. Our conclusions are the result of an investigation of the subject, covering a period of many years, prosecuted along a new line of research. They prove conclusively that the knowledge of the most enlightened legislators of the age concerning the science of money is of the most superficial character. This conclusion is in a manner justified by the fact that after a national existence of upward of 116 3-ears, we find ourselves embarrassed by a fiscal system that is unequal to the task of employing our full powers of production, of equitably distributing the fruit of industry, or of preventing a frequent recurrence of disastrous financial panics. We cannot hope in a single interview to convince you of the validity of our theory. To elucidate it requires a great deal of argument on our part and a great deal of reflection on the par( of those to whom it is presented, but with your permission 1 will briefly outline the new philos ()idly and give the reasoning upon which our most romarkable claim is based. We claim that society needlessly pays interest for the use of a circulating medium; and that the compulsory practice of compensating the infli vidual for the use of currency is avoidable. 2 Our contention is that owners of wealth t-71.1ould not compel themselves to compensate the i,ndividual for the use of a legal-tender representative of wealth; and that they would avoid the present interest charge could they obtain from the state, on application, a legal-tender representative of the wealth they now pledge as security to the usurer. We claim that our every economic ill is due to the fact that we unduly restrict the volume of money. Instead of supplying ourselves with a currency volume equal to our requirements, we so restrict the issue that a private substitute for money is required to assist in effecting our exchanges. Statistics show that fully 95 per cent of recorded exchanges are made with a credit substitute. All money provided by the state for commercial purposes is supplied to the recipients without interest, while the cost to society of the credit substitute (which we are compelled to use because of the money shortage) actually absorbs the surplus earnings of industry.* Our failure to apply the true remedy is largely due to a common belief that the value of money, like that of a commodity, is determined by the economic law of supply and demand, and that to materially increase the money volume is to impair the value of the money unit. An unwarranted fear of a depreciated currency prohibits a sufficient volume of money, and thus prevents a just division of product.. An exhaustive investigation satisfies us that absolute money—paper or specie—does not, in fact, fluctuate in value, but that it reflects and reprosents the fluctuating value of the articles for which it is exchanged. Hence were legaltender paper issued for currency purposes only against individual wealth, the supply may equal See rude A Appendix. our commercial requirements without fear of dopreciation. It is true that rising prices frequently follow a material increase in the volume of the circulatin&• medium, but this phenomenon occurs only when the volume is less than the amount required to perfectly perform the money office— a fact that has escaped the scrutiny of the financial student. The result, therefore, is not due to a cheapening of the money unit, but to a natural increase in the value of certain commodities; commodities for which there is an increased demand; demand horn of a new ability to purchase. This view is sustained by the fact that the advance in price is not only confined to articles for which there is an increased demand, but it is temporary, for the secondary effect of a new money issue is to so stimulate the production of articles whose value is enhanced that prices will become normal when the new demand is satisfied. We claim that quality, not quantity, determines the value of money. Regardless, however, of what is known as the "quantitative" theory of money, we claim that the currency volume may safely he increased to the extent we propose. because the measure we suggest would simply substitute one form of circulating medium for another (cash for credit) without augmenting the volume of that with which our business is now transacted, and therefore would not disturb prices. The only persons who can now call new money into existence to meet the demands of an expanding commerce, are owners of wealth in the form of gold bullion and United States bonds. All other wealth-owners are unwisely denied the essential privilege of monetizing!,- their wealth for curreney pnrposes by the certificate process. The result is an enormous currency deficit of not 4 less than twelve billion dollars, as shown by the last Report of the Comptroller of the Currency. This report shows that our circulation now consists of public money and bank-credit—about one part money and five parts credit: public money provided by the state at a nominal cost to the recipient, and hank credit, provided by financiers at burdensome rates of interest. We propose to cure our financial ills by substituting cash for the credit constituent of our circulating medium. This can be done, we claim, without departing from the present method of supplying currency for commercial purposes. We propose to extend the privilege of calling new money into existence (which is now exercised exclusively by owners of gold bullion and national bonds) to the owners of productive real estate—our most stable form of wealth. The underlying principle of the proposed system is that all forms of wealth are equally entitled to currency representation in the nation's circulation on application of the owner. We claim, however, that the interests of society will be as well served, and the system simplified, by confining the currency issue to owners of stable, or permanent, forms of wealth. To monetize LAND VALUES, we claim, will dostrov the eyisting currency monopoly, and tile indirect benefit to all will equal the direct benefit inuring to the currency recipient, because the terms upon which legalized certificates will be issued to land owners, on demand, will determine the usurer's charge for the use of private funds, and the credit substitute, should there be a demand therefor. The new system assumes that the legal-tender function alone sustains the value of money; that commodity value has nothing whatever to do in sustaining the money value of legal-tender currency; that money is a legislative device whose value as an exchange medium necessarily equals Its value for discharging contract obligations. Evidence of the validity of this principle is found in the fact that gold coin would not circulate at par for a moment were it divested of its debt-paying power, and that our standard silver coins circulate at par for the reason alone that they are invested by law with the legaltender quality. It is obvious, therefore, that the legal-tender attribute is the money attribute of a nation's currency—whether paper, silver or gold. Ours is not a proposition to "loan money on land," nor to "base" money on real estate. It is an automatic method of providing just the amount of currency required by a direct issue to money users, on demand, of a legal-tender representative of their wealth. As our congressional representatives, and as members of the recently appointed Monetary Commission, we ask you to thoroughly investigate this new theory, and especially our claim that real money does not fluctuate in value. To realize this momentous truth is to perceive that a legal-tender representative of wealth may with advantage and entire safety be issued, on application, to the owners of stable forms of wealth at cost of issue. WO entinot but believe that the appointment at this time of a Monetary Commission to whose searching scrutiny this revelation in economics can be submitted will prove of the greatest possible benefit to the human family. We have fmniulated a measure, of which we will furnish you copies, embodying our recommcndations which sets forth a plan for carrying them into effect. We trust that upon reflection you may see your way clear to commend this promising theory, and the simple remedy we suggest, as worthy the serious consideration of the Monetary Commis. sioti. 6 SUPPLEMENTAL COMMUNICATION NO 1. (This paper was prepared for the purpose of refutinl: the gcncrally accepted quantitative" theory of money.) Hon. Henry M. Teller, Hon. Robert W. Bonynge, Members U. S. Monetary Commission Gentlemen: In the opinion of the members of The Land Currency League, the chief obstacle in the way of perfecting our money system is the belief that the exchange value of a nation's circulating medium is regulated by its volume; and that to materially increase the money volume is to impair the value of the money unit. 13elief in this — the quantitative — theory of money, in our judgment, is not only incompatible with a correct understanding of the character of money, but its blighting influence on the destiny of the individual is incalculable, for the reason that it prevents the mind from perceiving a momentous economic truth, namely: That absolute money does not fluctuate in value!* The need of the hour, in our opinion, is an argument that will expose the fallacy of this accepted belief, and we beg leave to submit for your consideration the reasoning which justifies the conclusion that the quantitative theory of niolicy is false, misleading and pernicious. In defining the theory, John Stuart Mill, in his "Principles of Political Economy," says: "If the whole money in circulation was doubled, prices would double. If it was increased one-fourth, prices would increase one-fourth. * * * So that the value of money—all other things remaining the same— varies inversely as its quantity; every increase in quantity lowering its value, and every diminution raising it in a ratio exactly equivalent." David Ricardo, an eminent English authority, says: "The value of money in any country is determined by the amount existing. That commodities would rise or fall in price in proportion to the increase or diminution of money, I assume as a fact that is incontrovertible." Notwithgtanding the high character of these distinguished economists and the respect to which their opinions are entitled, we assert that their conclusions cannot be verified.* The following is the reasoning upon which we rely for a justification of our contention: Recause rising prices usually follow a material increase in the volume of money, economists have erroneously concluded that the result is due to a cheapening of the money unit. In other words: that a rise in prices is the direct result of an augmented money volume. In fact, however, rising prices are due to increased demand, resultinf.; from an increased ability of the recipients of the new currency to gratify their wants. In justification of this conclusion we point to the fact that a rise in the price of all commodities does not follow an increase in the money volume; that only those commodities increase in value for which there is an increased demand: that the mere existence of new money cannot affect prices, because there can be no rise in the price of any form of property until tlw new demand affects the available supply. Were the quantitative theory true, the price of all property would rise in response to a new money issue, regardless of supply and demand. for if "volume determines price," as the advocates of this theory claim, the augmented money volume would advance the value of articles for which there would be no unusual demand to the same extent that it would raise the price of articles the demand for which would exceed the supply. Surely something besides the unsupported opinion of eminent economists is necessary to sustain so unreasonable a theory. The claim that "prices are determined by the volume of money,is inconsistent with the fact that they are determined by the economic law of supply and demand—a truth accepted by all economic students. Another fact that discredits the quantitative theory is that the advance in prices following a *See Note 11 appendix. 8 fresh issue of money is not (as the them'y assumes) permanent. It is temporary, for the reason that the secondary effect of a new mdiney issue is to stimulate and make possible the production of articles for which there is an active (lemand, so that prices will become normal when the new demand is satisfied. It will not be denied thAt price indicates v,l.te, therefore an increase in price means a real increase in value. As commodities are known to Increase in value while the money volume remains stationary, it is clear that prices may advance, though the value of the money unit be unaffected. Our contention is that any and every change in prices is due to fluctuation in the value of commodities—never to a change in the value of full legal-tender currency—paper or specie. The significance of this conclusion—if valid —is apparent. It reveals a truth of the greatest moment, viz: That the privilege of calling new money into existence (which is now exercised exclusively by owners of gold bullion and national bonds) may be extended to owners of other stable wealth without fear of impairing the value of the money unit. And that a wise change in the provisions of our currency law will enable us to substitute cash provided by government at a nominal cost to the money-user) for the credit substitute for cash that is now provided by financiers at impoverishing rates of interest. The following is the logic that sustains our conclusion: Whatever "value" may be, it is something that is expressed in "dollars." The fluctuating value of commodities and the debt-paying value of the legal-tender symbol is thus expressed. As the value of the debt-paying device—money—(expressed in dollars) is always the same (being fixed by statute) it manifestly cannot be affected by the economic law of supply and demand. 9 TIe following illustrations furnish additional Proof of the truth for which we are contending: If wheat, for example, advances from 75 cents to a dollar a bushel, the value of the money unit is net affected, because it will still buy a dollar's worth of wheat—the value of which, like that of the debt-paying device, is expressed in arbitrary units, called "dollars." To elucidate this truth, let us suppose that to-day wheat is worth a dollar a bushel, tobacco a dollar a pound, and silk a dollar a yard, and that to-morrow an advance in wheat raises its price to $1.25 a bushel—the price of tobacco, silk and other commodities remaining unchanged. Can it be said that the money unit has lost any of its value so long as it will continue to buy a pound of tobacco, a yard of silk, and the usual amount of everything except wheat?—and when It will still buy a dollar's worth of wheat? From this it is evident that it will not do to say that "prices advance," and at the same time claim that "money cheapens," for if money cheapens there is no real advance in price. The foregoing illustration shows clearly that fluctuating prices are due, solely, to a change in the value of commodities. The common belief that money depreciates in value arises from confounding the effect on price of a failing credit currency with the effect on demand of an increasing volume ef mone3. A convincing reason why the theory in questicn cannot be defended is that its claims do not harmonize with our monetary experience. For example: In 1Sril we had a currency circulation of perhaps $5 per capita, while In 1865 it was nearly $70. Prices barely doubled in that time. while according to the quantitative theory they should have increased fourteen fold. But the doubling of prices may be accounted for by other War has (Wises than the increase in money. always caused prices to advance, though the money volume remains unchanged, and for an obvious reason, viz: consumption is increased and 10 prorluction curtailed as soon as arthies aFe in the field. Producers cease producing while eontinning to consume, and the great law of supply and demand operates to change prices, regardless of the money volume. We invite your attention to the further fact that during the currency contraction of October last (1907), prices were but slightly affected. Stocks depreciated in value, but general prices remained firm, though an enormous contraction of the circulation had taken place through the sudden withdrawal of credit by the banks. A general stagnation of business followed, though the general level of prices was higher than it had been for years. Shortly after a general denial of credit by the banks, there was a great increase in the tangible circulating medium, through the Issue of millions of clearing-house certificates, yet no advance in prices occurred. These facts prove the incorrectness of the claim that the money volume determines price. Perhaps the most vulnerable part of this speelms theory is its claim that "prices will continue to rise as long as money continues to increase." Because rising prices in the past have followed an increase in the money volume, its advocates asssnme that they will continue to do so. In reaching this conclusion they lose sight of the fact that it is only when the volume of the circulating medium is unequal to the needs of commerce that advancing prices accompany increasing money. The theory is based entirely on the experience of the past—a period during which society has never known a sufficient volume of money. The obvious fact that a changing money volume affects price only as It affects demand, suggests that were demand beyond the influence of a scant money supply, a change in the quantity could not affect prices. Reflection justifies the assertion that the only manner in which the money volume may affect price is in affecting demand. We claim that demand would not be affected were the money volume equal to the money needs. Were our full 11 powers of 4)roduction engaged, additional money could not further increase production, and were our full powers of consumption engag'ed, a new Issue could not increase consumption. Consequeutly as an augmented volume could affect neither production or consumption, it is inconceivable that it could affect prices. This reasoning leads to the following conclusions, namely: 1. That money is not the "measure of value," as is generally supposed. 2. That values are estimated and determined without the aid of money. 3. That values are not even expressed in money, but in abstract units of value, called "dollars." 4. That the unit of value and the unit of money are not identical, but are distinct commercial factors—the money unit being concrete, the value unit, ideal. 5. That the dollar, in fact, is not a material thing, but a mere concept, like the figure 1 in numbers. 6. That the word "dollar" does not especially refer to money, but, in its true sense, refers to the value of the legal-tender symbol, just as it refers to the value of commodities and property. 7. That money, by virtue of its debt-paying power, is simply the commercial equivalent of articles possessing utility value equal to the denomination of the legal-tender coin or certificate. While the value of money is not affected by a change in the volume, the price of money is. That is to say, the interest rate varies with a material change in the supply when the volume is less than the money needs. Were the volume equal to our commercial requirements, however, the payment of tribute for the use of currency for facilitating exchanges would be unknown. By "tribute" we mean compensation for the use of a circulating medium, as distinguished from compensation, or hire, for the use of property. The distinction is well defined, though not gen12 erally recognized. Compensation for the use of property is a legitimate charge—property being a product of labor. But compensation for the use of a legalized representative of property (a product of legislation) is a charge that wealth-owners literally compel themselves to pay, by failing to provide for the monetization of the wealth they now, as borrowers, pledge as security to the money merchant. According to the Land Currency Philosophy, money in circulation is nothing more or less than "a legal-tender representative of wealth." It circulates at par, and is the equivalent of property, because it is invested by law with arbitrary debtpaying power. A money symbol, paper or specie, worth $5 for liquidating debt, has an exchange value equal to that of commodities worth $5 for other uses. Modern commerce is the birter of commodities having a fluctuating value, determined by supply and demand, for legal-tender symbols having a fixed value for discharging contract obligations. Being "a legal-tender representative of wealth," money should be issued as such by the state. It should be issued to wealth-owners, on application, as they may require it for commercial purposes. It is the duty of the state to ervatt- money for the convenience of the individual, who, as a producer, is entitled to a currency representative cf the wealth he creates, for the conclusive reason that (as barter is impracticable in complex society) a currency representative is essential to a just distribution of the fruit of his industry. Money being the available representative of individual wealth, to the individual belongs the prerogative of calling the representative into existence. His alone is the right to determine when his wealth shall be monetized for currency purposes. This is the present right of the gold owner, and of the national bond owner, and it should be the right of the wealth owner. 13 The individual alone should place in circulation the currency representative of the wealth he creates, or acquires, when his needs require it. No reasoning can justify the state in disposing of the currency representative of the wealth of the individual, except that acquired by taxation. (tit-er. Were all wealth owners .granted the right to demand and receive a currency representaVve of their wealth, on application, an impartial and cufficient issue of money would result—the benefits of which cannot be estimated. Such a law would, for the first time in the history of civilization, make the life-blood of commerce readily obtainable by the producer to whom it is a necessity. We claim that money commands interest in the market, not because it is valuable, but because it is inaccessible to the followers of useful pursuits—who for specious reasons have, for centuries, unwisely confined the issue of legal-tender to the monetization of the precious metals. The inevitable effect of this baneful law is to force society to compensate the individual for mere the use of an artificial exchange medium product of legislation. The sum we obligate ourselves to pay financiers each year for the use of this legislative device is greater than the surplus earnings of our every industry. An imperfect knowledge of the nature of nionc5, and a general belief that it can depreciate in value, results in a financial policy which so restricts the issue of legal-tender that It, and its credit equivalent, commands "interest" in the market—INTEREST, the legalized tribute upon which the drones of society lawfully subsist. That an interest-yielding currency is the sole cause of poverty among the industrious, and of want in the midst of abundance, is a fact that has eluded the scrutiny of the student of social science. Our claim that the volume of monov has nothinf.; to do with its value, and that, should trade r(qiiiir, it, filo volume of money may equal the 14 volume of wealth, without depreciating, is both valid and demonstrable. For example: Suppose every note or bond that is now amply secured by mortgage, or trust deed, on real estate were by law made a tender for debt—would not the act enormously increase the volume of money? And would the value of such paper be impaired by making it a legal-tender? Suppose that against every $5,000 worth of land a bond for $1,000 was issued—would such bonds depreciate in value as their number increased? Certainly not—nor would the act of investing them with debt-paying power impair their value. Suppose all individual wealth—real and personal—were made a legal-tender for debt—why would such an increase of money impair the value of the money unit? Suppose we were in the purely barter stage, where commodities are exchanged for commodities, and money has not been invented—would not values be adjusted solely according to supply and demand? If so, upon what twist of logic can it be claimed that if all personal and real 1)roper0 should be monetized by the certificate process into a money representative, and this used in exchanges instead of the commodity itself, that values would be affected or changed by the act? How could values be affected when the money thus created would be used only to facilitate exchanges, discharge debts, and conserve individual wealth? Finally, what additional evidence is required to satisfy the discriminating mind that "legal-tender representatives of wealth," of convenient denomimations, may be made abundant or scarce—accessible or inaccessible—according to the wisdom of legislators? Very respectfully, CHAS. M. RICE, WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Commit tee. Denver, Colorado, October, 190s. 15 SUPPLEMENTAL COMMUNICATION NO. 2. Hon. Henry M. Teller, Hon. Robert W. lionynge, Members of the L. S. Monetary Commission. Gentlemen: Having shown by irrefutable argument that absolute paper money (issued for currency purposes against individual wealth, and possessing arbitrary debt-paying power) cannot depreciate in value, the folly of longer continuing a financial policy which deprives society of a sufficiency of that which is essential to the full employment of its industrial powers, becomes apparent. And yet, the idea that it is the duty of the state to provide a circulating medium for which "interest" cannot be exacted, and that a change in the currency law would give the wealth owner bona fide money for the asking, is so foreign to traditional belief, to custom, and to the teachings of economists, that even the most enlightened hesitate to accept the argument—conclusive though it be—which elucidates this vital truth— this veritable revelation in economics. We feel confident, however, that in presenting this new idea to a National Commission, instituted to ascertain the cause of our financial ills, we are submitting it to a tribunal that will appreciate the argument we offer in its support, and recognize the merit of the measure we suggest for providing a national currency equal to our commercial needs. The proposal to monetize land values by the certificate process is simply a proposal to make a larger percentage of our stable wealth avAilahle for currency purposes, wit limit departing from I he established method of providing currency for commercial uses. It is only a feasible plan for supplying the enormous deficit in our currency volume, which, as shown by the last Report of the comptroller 16 of the Currency, now exceeds twelve billion dollars! It is a practical plan to substitute cash (provided by government at a nominal cost to the money user) for the credit substitute for cash that is now provided by financiers at burdensome rates of interest. It is an automatic method of calling new money Into existence as it may be required by our expanding commerce. The Federal Constitution confers upon Congress the power to create money! It is evident, however, that the power conferred by the Constitution is not fully exercised so long as the producer must compensate the indivicual for the use of this legislative device—a device that is indispensable in distributing the fruit of industry. Obviously the money supply should equal the money needs—and nothing is more certain than that INTEREST is the barometer which unerringly indicates the extent of the money shortage. Beyond a doubt the legal-tender attribute is that which enables mcney to perform its throfunctions, viz: to conserve individual wealth; to facilitate exchanges; and to pay debts; and while a definite amount is required to perform two of these funciions (discharge debt and effect exchanges) the demand for money for conserving the earnings of the industrious is practically unlimited. Thus its three uses will readily absorb t7.'e limited volume of currency that may be called into existence under the automatic plan of issue we suggest. Statistics show that the uninvested savings of the American people at this time exceed fifteen billion dollars, while the tangible circulation is less than throe billions. An additional currency Issue of twelve billions, therefore, could be used for the purpose alone of conserving, in money, the present savings of bank depositors—savings 17 now conserved in nothing, more tangible than unsecured promises of the banks to pay their depositors, "on demand," twelve billions of money that is not in existence. Obviously, a law that will make the "legalized representative" as accessible to land owners as it now is to owners of government bonds, will— by making 50 per cent of the nation's wealth eligible to monetization by the certificate process— provide a practical means of getting the required currency into circulation. The volume proposed will be limited, and yet, the required amount may be called into existence. Query: Money being a mere legislative device what excuse is there for a money shortage? Why pay tribute for its use? Being a legalized representative of wealth— such wealth as the law may designate—the law we, ourselves, inspire—why need there be a dearth of money so long as there is no dearth of wealth? Were a currency representative made accessible to wealth owners, on application—is it not certain that they would escape the interest charge? And if interest could not be exacted for its use --what motive would there be for calling a (41111)1,14 into existence? Individual wealth when monetized for currency iffirooses by the coinage process, or by the certific;ite process, is invariably monetized at an arbitrry valuation. Gold is, and silver was, thus monetized. In monetizing land values it is proposed to make the assessed valuation of productive real estate, for a given year, an arbitrary and permanent valuation of the same for currency thus monetizing this most stable form of wealth ;it a conservative valuation—not exceeding in anY instance, 40 per cent of its market value. 18 The scientific character of the measure becomes apparent as the fact is realized that it will automatically provide a sufficient public circulating medium, at a nominal cost to the money user, by a method that will prevent an over-issue, and avoid the necessity of monetizing other forms of wealth. That the new law will prove equally beneficial to every citizen, and confer no especial advantage upon the land owner, becomes clear to those who perceive that the rate at which the government will issue a sufficient volume of legal-tender paper to land owners, on application, will regulate the cost in the market of every form of circulating medium that may be used—whether public or private. It is a plan to give the commercial world a sufficient volume of money, through the mediation of Lind owners, just as the present insufficient volume is provided through the mediation of bullion owners and bankers. Our contention is, that had we a sufficient volume of money, competition would insure equitable profits—because demand and supply alone would determine price. And the wage system would give the worker his full share of the joint product—because then, money would seek labor, whereas now, labor must seek money! Very respectfully, CHAS. M. BICE, WEBSTER BALLINGER. RICHARD WOLFE, JAMES D. HOLDEN, Committee. Denver. Colorado, November, 190S 19 SUPPLEMENTAL COMMUNICATION NO. 3. Hon. Henry M. Teller, Hon. Robert W. flonyvgc, Members of the 11 S. Monetary Commission. Gentlemen: A fundamental principle of The Land Currenc philosophy is: That fluctuating prices are due to a change in the value of commodities—never to a change in the value of real money—paper or specie. Evidence of the truth of this conclusion is found in the fact that in modern commerce articles are virtually exchanged for products—through the mediation of money: legal-tender currency being that which reflects, and represents in trade, the value for which it is exchanged. Commodities are converted into the legal-tender representative at their relative value, compared with that of other commodities—not as compared with money. It is the relative worth of the commodity, therefore, estimated and expressed in imaginary units of value (called "dollars") which determines the number of legal-tender units it will command in the market. The debt-paying device is the exchange equivalent of articles having utility value, because, aside from its material, it has a legal value for a popular use equal to its face; a legal value which is unchangeable because fixed by legal decree. The non-existence heretofore of the true money idea is attested: First. By the universality of the interest-paying custom—whereby society, without protest, needlessly compensates the usurer for the use of an essential legislative device; an artificial device for which "interest" is exacted only because the supply does not equal the demand. Second. By the fact that heretofore every effort to increase the circulating medium has been in the way of providing credit substitutes for money, instead of increasing the issue of pure 20 legal-tender itself; a fact which shows that there has been no general recognition of the economic truth: that the legal-tender function is that alone which insures the circulation at par of all money, whether paper, silver or gold. Third. By the prevailing belief that money should have "stable purchasing power"; and that its value should be "regulated" by limiting the Issue--a preposterous idea, because it is a patent fact that had money stable purchasing power there would be no such thing as a change In price, the very thing required to cause supply to respond to demand. Additional evidence of the phenomenal dearth of fiscal knowledge, is the fact that all paper issues in the past, with a single exception, * have been promises-to-pay-specie-on -demand. Even the paper issues of the civil war period (declared to be "money" by the United States Supreme Court) were a credit currency invested with the legaltender quality. The promise of ultimate redemption in specie inscribed on these notes indicates the existence of a belief that the legal-tender attribute alone would not insure their circulation at par with coin. * The nearest approach to absolute paper money of which we have a record, was the Land Currency, issued to land owners, in Franklin's time. by the Colony of Pennsylvania. This currency circulated at par with specie for 40 years—from 1722 to 1702. The original issue, in 1722, was a credit currency invested with full legal-tender power; but. at Franklin's suggestion, the issues subsequent to 1731 were not redeemable in coin, but were a pure paner money which perfectly performed all the functions of specie, because invested by law with all its legal powers.—See Pennsylvania Magazine of History and Biography for April, 1888. While the currency system we propose would destroy the business of the usurer, it would benefit the capitalist and the investor. It would make dividends on stocks as safe as Interest on bonds—because it would exempt the stockhold( r from the exactions of the bondholder. It would create a field for investment in industrial enterprises which would make the investment lucrative because of the increased ability of the industrious millions to freely gratify their wants. 21 Relieved of the burden of compensating the usurer for the use of a scant money supply; and escaping the indirect tax which, as consumers, they now contribute (daily) to the enormous fund from which tribute is paid on billions of national, industrial and railway "bonds," the producers of the nation would, at last, enjoy the full fruit of their industry. By giving themselves the same right to a legaltender representative of their stable wealth which they now grant to the owners of gold bullion and certain bonds, the followers of useful pursuits, by simply amending a statute, would create for themselves an economical environment in which there would be no artificial handicap to individual effort; no artificial obstacle to the development of the nation's boundless resources. Money being an indispensable distributor of product, it is clear that an insufficient issue must result in imperfect distribution. Being a necessity, an abnormal industrial condition is the inevitable concomitant of an inaccessible circulating medium. As the present cost of an artificial medium for facilitating exchanges exceeds the surplus earnings of the industrious, the relationship between their poverty and a scant money supply is obvious. In concluding, we beg leave to add that in our opinioil we have presented for our consideration an argument which reveals NI1 amazing truth, namely: That want in the midst of abundance, the unjust division of wealth, and the money troubles of the industrious, are the necessary effect of an Insufficient. issue of legal-tender paper; and that these evils will disappear when our public circulating medium shall equal our commercial needs. Very respectfully. CHAS. M. RICE, WEBSTER BALLINGER, RICHARD WOLFE, JAMES D. HOLDEN. Comm itt ea. Denver, Colorado, December, 19I). 2') APPENDIX. NOTE A.—"The surplus earnings of industry" are indicated by the annual increase in national wealth, whicit (less the advance in real estate values) approximates two billion dollars. Our total indebtedness, public and private. is variously estimated at from 30 to 40 billions. * Assuming that it aggregates 35 billions anG that the average interest rate thereon is 6 per cent per annum, TWO BILLION ONE HUNDRED MILLIONS is the sum we obligate ourselves to pay financiers each year for the use of a circulating medium— ONE HUNDRED MILLIONS more than the value of the surplus product of our every industry. * The following items anu, figures indicate the present Interest-bearing indebtedness of the people of the United States, expressed in round numbers. The compilation is from official reports and estimates of experts: National lowids State bonds Municipal. and Lounty bonds Steam Railway bonds Street Railway bonds Industrial bonds Real Est.ate Mortgages Chatte, Mortgages (a) Bank Discounts Unsecured Notes and Book Accounts (h) Total $ 23 9 5"1 24 00,2 2,140,000,000 7,821,000,000 1,455,000,000 2,742,000,000 10,000,000,000 2,500,000,000 5,766,000,000 1,417,000,000 $3; 000,000,000 (a) Estimated at 25 per cent of the known Real Estate Mortgage Debt. (b) A meagre estimate. NOTE 11.—A distinction, not generally recognized, exists between the value of money and its "purchasing-power." Value is invariably expressed in imaginary units (I. e., 'in dollars), while purchasing-power can be expressed only in commodities. As the value of a coin, or other debt-paying device (expressed in dollars) is always the same—always equal to is denomination—it cannot possibly fluctuate. 23 The fact that an insufficient volume of money frequently compels a sacrifice of values to obtain it, is that which gives color to the claim that real money fluctuates in value, when in fact every change of value is in the commodity. Were it possible for legal money to vary in value, a change in .prices would indicate nothing, and the business world would be at sea regarding values. To realize that the so-called purchasing power of money is determined by the relative value of commodities (compared with each other) is to perceive that it cannot be determined by the volume of money, as claimed by adherents of the quantitative theory. The belief therefore, that an artificial symbol, created by society without cost, (and which has no independent value aside from the delegated function which enables it to reflect and represent the values for which it is exchanged) is subject to the same economic law that determines the exchange value of a pro(luct of labor, is a belief which, though well-nigh universal, cannot be sustained by logical reasoning. "4'wc • oi • , •• tO o, ?9% ote ,,k, , ,0\ k) •••.c-' AI°(0. •\‘' I s • ' • „ s \ " • s‘ L t ' \) 24 "D ly es in THE MONEY SHORTAGE Its Magnitude and Blighting Influence Supplemental Communication No. 4. The Land Currency League -Hon. Henry M. Teller, Hon. Robert W. Bonynge. Colorado members of United States Monetary Commission. Gentlemen: The purpose of the financial measure we are advocating is not merely to reduce the cost of currency to borrowers—it is to obviate the necessity of borrowing. It aims to call such a volume of money into existence for the use of the commercial world that A's money will not be required to "finance" B's enterprise. The purpose of the measure is to deprive A of the power to exact "interest" from B for the use of an availnhle representative of wealth. We accomplish this by giving B the right to obtain from the state, on application, a currency representative of the wealth he is now compelled to pledge as security to A in, order to obtain a circulating medium. Obviously the welfare of society demands a volume of money sufficient to employ its full powers of production, and to conserve in tangible form the savings of those engaged in useful .pursuits. With such a volume in existence the industrious will acquire and own the money necessary to prosecute their undertakings. Money users are now compelled to borrow because of a money shortage. The state does not create enough money to answer the needs for money. The present supply is more than $12,000,000,000 short of the sum required to conserve in money the savings of those engaged in useful avocations. A money shortage not only enables those who have a surplus to exact for its use a form of tribute called "interest," but it enables financiers to reap the fruit of toil by supplying their neighbors with a credit substitute for cash—an intangible makeshift which commands an interest rate in the market equal to that exacted for the use of gold and silver coins. The blighting money shortage, which has afflicted civilized man for so many centuries, is not, in fact, due to the machinations of designing men, but to a false economic belief that is common to rich and poor alike—a belief that we cannot supply our money deficit without impairing the so-called "value" of the money unit--a belief which, analyzed, proves to be founded on an absurd assumption, namely: That prices under our present scant money volumn are normal. and a measure that would provide a sufficiency would beget abnormal prices. '• Obviously the inauguration of a rational money system cannot be expected so long as our legislators and financial guides are influenced by this prepostnrons belief. The credit constituent of our present circulating medium of cash and bank credit indicates the extent of the money shortage as related to our present restricted volume of business. As stated, it exceeds $12.000,000,000. Ours is an automatic plan for supplying this deficit. We suggest a feasible and scientific system that can be inaugurated without disarranging business or disturbing prices. We gain the end by substituting legal-tender paper for the intangible ingredient of our present circulation. We right our wrongs and brings order out of chaos by a single rational act, namely: By making the money supply equal our commerciarneeds! The system we propose will require money owners to invest their surplus funds in industrial enterprises if they would have them yield an income—enterprises that will create a wholesome demand for all forms of labor. Such a system will compel the money owner to contract for the labor necessary to make his mony yield an income; and this new call for labor will enable the worker to demand and receive his full share of the joint product, where now his necessities compel him to accept a wage in the determination of which he has no voice. . It is a singular fact that men are rare who perceive that it is possible to abolish poverty from among the industrious by the single act of perfecting our money system. Failure to recognize this vital truth is due to a common lack of knowledge as to the underlying cause of our economic ills. Only those who perceive that the evils of which we complain are traceable to a single cause realize that a single remedy can effect a complete cure. The argument that sustains our claim that all economic ills are traceable to a single cause is based on the following facts, viz: Ages ago—probably under the first civil government having powers defined by written laws—an act was passed whose blighting influences upon the destiny of the individual was unforeseen by those responsible for it, and has remained undiscovered to the present day. This baneful statute—the evil effect of which has escaped the scrutiny of the student of social science—has been bequeathed by government to government during the intervening centuries, and is today a fundamental law of every civilized nation of the earth. This silent law— which alone prevents a just division of product—is the law which for ages has confined the volume of legal money to the coinage of the precious metals! Query: Why is this ancient statute alone responsible for the havoc, the injustice, and the misery with which jit is charged? Because it unduly restricts the volume of legal money, that which, because it is essential to the distribution of the fruit of toil, is essential to human happiness! To unduly restrict the volume of legal money is to disarrange the industrial machinery of civilization. To cause a money shortage is to make the followers of useful pursuits dependent upon the individual for a commercial device that is a necessity to man in complex society. The act places the producers of a nation at the mercy of the owners of a scant money supply, and those who can furnish the commercial world with an available credit substitute. To unduly restrict the volume of legal money, therefore, is to enable a few to unjustly reap the fruit of toil by exacting legalized tribute from the many for the Ute of an artificial device that is as essential to the distribution of wealth as labor is to its production. In this inherited statute, therefore, we discover the primary and sustaining cause of our every economic ill. To amend the law in the manner we suggest is to make poverty impossible by instituting a normal iudustrial condition. The proposed amendment alone will give the fruit of toil to those who creatP it -hecaube it will cut off the present unjust income of the nonproducer. Very respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. • Committee. Denver, Colo., June, 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post- paid for 25e. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver, Colorado. Statement showing the amounts of Gold and Silver Coins and Certificates, United States Arotes and Afational Bank JV'otes, in circulation .4144.(ust 1, 18,91. GENERAL STOCK, COINED OR ISSUED. Gold Coil' Standard Silver I )4111;irs Subsidiary Silver Gold lertiticates Silver Certificates Treas'y Notes, Act July14, 1890 United States Notes Cur's Celt'f's, Act June 8, 1872.. National Bank Notes TOTALS AMOUNT IN CIRCULATION ITG UST 1, 1891. IN TREASURY. $581,721,468 00 406,635,268 00 77, 131,606 00 119,720,209 00 115,489, 159 00 51,991,035 00 316,681,016 00 27/ 445/ 000 00 168,542,259 00 $174,091,456 :348,471 7:389 19,:368, 142 34,004,820 8, 198,:345 11,:309,957 26,788,452 180,000 5,924,917 2,128,360,320 00 00 00 00 00 00 00 00 00 00 $107,630,012 00 58, 163,879 00 00 57,763,461 115,715,38!) 00 307,291,114 00 43,684,078 00 319,892,564 00 27,265,000 00 162,617,312 00 628,337,508 00 1,500,022,812 00 A num nt of National Rank Notes issued during the month of July. 1891. A mount of Nat ional Bank Notes redeemed (luring the mont.1 h 401y, 1891 AMOUNT IN CIRCULATION AUGUST 1, 1890. $375,114, 196 00 56,981,268 00 54,284,363 00 132,444,;49 00 298,748,913 00 000,000 CO f 334,517,604 00 179,625, 274 00 1,431,716,367 00 .:»427 596,32() 00 1,982,035 00 Comparative Statement showinl the changes in Cirealation during July, 1891. IN CIRCUL1tT1oN JULY 1, 1891. Gold Coin standard silver I )011ars Subsidiary Silver Gold Certificates Silver Certificates Treasury Notes, Act July 11. 1890 United *tat-es Notes Cur'y Celt'f's, Act .141ne 5, 1872 . National Bank Notes TOTALS *408,073,806 57,683,041 58,990,921 1201 84o, 399 307,:161, 118 40, 163, 165 :323, 714, 272 21, 365,000 162, 279,800 00 00 00 IN CIRCULATION AUGUST 1, 1891. 00 00 00 00 00 $107,630,012 00 587.163, 87!) 00 57, 763, 161 00 I IS. 715, 389 00 ::07, 991, 111 00 13,684,078 00 319,892,564 00 27, 265,000 00 1621 617,312 00 1, 500,067,555 00 1, 1)41, 00:!, s1 9 00 00 DECRE.A.SE. "4 113, 791 1)1) $480,838 00 527, 160 00 51 125,010 00 73,034 00 3, 220,913 00 :3, 821, 708 00 5,900,11011 00 :111,:-,p) 011 9,991, 006 oo Net decrease. IN'TREAsuRY JULY 1, 1891. (;11111 iiiilli(111 Sik (r 1)1111:IrS :IS I:11111 4 111 rn yr.\ $176,450,37s :;17, 976, 227 19,656,695 9, 765, 252 22,966, 711 5,655, 171 u Treasury dttrins? July, IN TREASURY' AUCFUST 1, 1891. 4,0 00 00 00 00 00 *174,4)91.156 318,471 389 19, 368, 112 11, 309,957 26, 788, 452 5,924,917 00 00 00 00 00 00 DECREASE. $195, 162 00 288,553 00 1,5.11,703 0) 3,821. 708 00 269,773 00 582, 170 1:0 00 62,067, 711 oo 26,880, 8l. 00 4,818, 201 40) 585,954,313 002,617, 175 00 62, 736,957 00 32, 511,670 00 1, 038, 151 00 809,750 00 4876, 967, 24;6 00 683,274, 124 4)0 C,(dd Certificates held in ea.,11 001,820 00 Silver Certificates held 111 I' ish 8, 198, 345 00 ( 1 urrency Certificates held in cash.......184),000 00 3,457,225 00 6, 131,318 00 . 669,21:; 00 5,663,822 00 12, 161,:383 (H) $9,007, 158 00 111(•rease since .1'11 1 1891 1 ucrease sin((' .1111.\ 1, 1891 . I )0(11'ea,S(` Si I WO .1 I I I.\ NoTE.--Currency .1c1 Julic 5. 1572, heretofore includcd in the ainowo separately, and will be so stated hereafter. I NCREASE $0,358,922 00 Net increase 111 I 9,916, 963 00 t14, 743 00 Comparative Statement of chanoes in.. Money and _Bullion 1891. Gold Coin Standard Silver 1 )1111:1 Subsidiary Silver Treasury Notes, Act Jul.\ H. I .-̀‘90.. Milted States Notes National Bank Notes INCREASE. I 184)1 *", 790 00 817,308 00 000 00 I I iiliii States Notes in circulation, are stated REASITIZY I /EPA 1,Tm ENT, Office. Dirbtion (#. 14)(I II.' and Ourrency. .si'iviry's (Ed. $-9-'91--604).) ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS.-NO. 74. WreastivB -ciaartittent, OFFICE OF THE COMPTROLLER OF THE CURRENCY, 044/Zyian, jedy Abstract of Reports of Condition of National Banks in the United States on September 1 and November 10, 1910, January 7, March 7, and June 7, 1911. Sept. 1, 1910-7,173 banks. Nov. 10, 1910-7,204 banks. Jan. 7, 1911-7,218 banks. Mar. 7, 1911 - 7,216 banks. June 7, 1911-7,277 banks. RESOURCES. Loans and discounts Overdrafts United States bonds to secure circulation United States bonds to secure United States deposits Other bonds to secure United States deposits United States bonds on hand Premiums on United States bonds Bonds, securities, etc Banking house, furniture, and fixtures Other real estate owned Due from national banks (not reserve agents) Due from State banks and bankers Due from approved reserve agents Checks and other cash items Exchanges for clearing house Bills of other national banks Fractional currency, nickels and cents Specie Legal-tender notes Five per cent redemption fund Due from Treasurer United States Total $5,467,160,637. 98 $5,450,644,385. 89 29,541,681.47 47,066,980. 17 685,692,290.00 690,056,800.00 4L) 857,700.00 40,637,700.00 -"M,927,191.01 10, 685,470. 71 11,042,110.00 9,908,980.00 10,891,763.54 10, 765,320. 74 854,127,665.04 856, 173,766. 19 213,769,651.64 218, 729,573.58 23,044,585.56 25, 767,999. 33 378,295,152.55 440,512,052.46 147,914,089. 26 190,422,724.03 688,715,945.05 686,468,726. 74 39,330,620. 38 35,987,572.58 284,962,685. 13 339,861,153. 38 41,547,840.00 43,910,226.00 2,906,840.89 2,842,927. 28 672,626,546. 13 646, 146,451.61 179,058,491.00 169,924,209.00 33,121,208. 34 , 33,439,482. 26 7,646,757. 39 6,524,328. 90 $5,402,642,351.82 40,507,042.07 691,773,710.00 40,260,400.00 9,663,256. 72 9,654,660.00 10,060,037.05 884,153,702. 34 220,586,770. 59 24,635,119. 18 434,617,004.93 198,867,239.03 717,463,231. 97 40,815,716.86 163,783,356. 61 45,499,187.00 3, 129,148. 51 667,871,263. 33 168,396,096.00 33,619,603. 97 12,485,069. 74 $5,558,039,050. 10 $5,610,838,787.01 30,051,957. 35 23,397,257. 78 692,842,740.00 694,214,820.00 39,851.700.00 40,768,400.00 9, 593,171. 15 12,168,275.64 9,651,060.00 9,854,250.00 9,634,916. 38 9,907,421. 34 926,945,935. 10 995,475,144. 31 223,637,293. 17 228,840,419.09 24,568,991. 34 24,168,885.00 437,255,575. 22 415,385,545.96 187,808,201. 99 195,714,143. 29 814,270,800. 19 765,686,132.08 31,091,641. 34 31,155,316. 27 248,022,859.29 286,321,804. 73 45,992,143.00 48,591,154.00 3, 156,249. 18 3,139, 177.58 735, 761,949.48 761, 111,507.47 172,274,678.00 185,219,602.00 33,023,636. 34 33,643,051.97 7, 299,659. 60 ' 7,447,598. 79 9,826,181,452,36 9,956,476,830. 85 9,820,483,967. 72 10,240, 774,208. 22 10,383,048,694. 31 1,002,735,123. 25 648,268,369. 97 225,769,399.53 674,821,853.00 27,707.00 929,652,332. 28 476,745,154.06 499,646,587. 85 37,647,487. 76 1,326,154. 84 5,145,658,367.65 36,309,858.54 13,850,642.09 34,574,822.00 18,867,294.33 72,847,849.63 5,445,179.84 1,987,268. 74 1,004,288,107. 37 652,462,489.68 242,806,964. 79 680,440,468.00 27,707.00 938, 152,514.92 481,940,624.42 444, 379,730. 32 41,887,794.02 1,654,655. 12 5,304, 788,306.45 36,836,471. 14 11,585,087.42 35,016,205.00 13, 189,956. 78 58,496,236.81 5,907,642.86 2,615,868. 75 1,007,335,429.90 665,792,492.46 219,481,034. 82 684,135,804.00 27,707.00 980,957,877. 61 487,496,563. 25 480,556,625.46 42,177,082.52 5,782,916. 70 5,113,221,817. 80 36,217,620.48 10,500,635. 73 35,097,661.94 8,901,532.41 35,762,653. 21 4,167,832. 62 2,870,679. 81 1,011,570,323. 97 665,722,552.64 232,447,742. 22 680,727,243.00 27,706.00 1,101,829,596. 28 538,456,347. 77 545,663,714. 15 38, 769,617.52 1,433,238.02 5,304,624,091.41 34,413,926.02 11, 109,620. 73 33,265,060.69 6,282,958. 77 27,603,221.08 3,406,591. 17 3,420,656. 78 , 1,019,633,152. 25 671,946,796. 68 ,I 241,554,106.09 1 ' 681,740,513.00 27,706.00 1,039,478, 769. 70 500,201,379.84 568,902,593.30 38,858,256. 20 1,851,823.47 5,477,991,156.45 37,166,814.31 11,288,827. 23 36,858,748. 77 9,308,500. 17 36,690,528.91 6,493,554.41 3,055,467.53 9,826,181,452. 36 9,956,476,830.85 9,820,483,967. 72 10,240,774,208.22 10,383,048,694. 31 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes National-bank notes outstanding State-bank notes outstanding Due to other national banks Due to State banks and bankers Due to trust companies and savings banks Due to approved reserve agents Dividends unpaid Individual deposits United States deposits Deposits of United States disbursing officers Bonds borrowed Notes and bills rediscounted Bills payable Reserved for taxes Liabilities other than those above stated Total Changes In the Principal It(' ' of Resources and Liabilities of National Banks as Shown by the Returns on June 7, 1911, as Compared with the Returns of March 7, 1911, and June 30, 1910. Since Mar. 7, 1911. I l' I.: MS. Iticrease. Loans and discounts United States bonds Due from national banks, State banks and hankers, and reserve agents Spe,iie Legal tenders Capital stock Surplus and other profits Circulation Due to national and State banks and bankers Individual deposits United States Government deposits Bills payable and rediscounts Total resources Decrease. $52, 799, 736. 91 2,491,970.00 $62,548,756 07 25,349,557.99 12,944,924 00 8,062,828.28 15,330,607.91 1,013,270.00 77,278,276 68 173,367,065.04 2,932,094.79 12, 112,849.23 142,274,486.09 Since June 30, 1910. Increase. Decrease. $180,679,600.26 7, 264, 320 00 175, 178,997 95 116, 767,652.70 8, 790,561.00 30,066,038. 25 52,097,294 85 6, 107,947 50 247,305,377 03 190, 774,844 25 $6,085,707.87 23,702,828.96 486,423,997 58 Total number banks reporting on June 30, 1910, 7,145; June 7, 1911, 7,277; increase, 1:12. LAWRENCE 0. MURRAY, 202--11 Comptroller. Abstract of Reports of the National Banking Associations of the United States 2 RESOURCES. STATES, TERRI- NUMTORIES, AND RE- ber of SERVE CITIES. banks. Loans and discounts. Overdrafts. U.S. bonds to secure circulation. U. S. bonds Other bonds U.S. bonds to secure to secure on hand. deposits. U.S.deposits. Premium on U.S. bonds. Securities, judgments, claims, etc. liztukinghouse furniture and fixtures. Other real estate arid mortgages owned.. Due from other national banks. $1,061,630. 25 $95,839.88 $23,000 $92,457.53 $10,817,759. 39 Maine $7,163. 75 $241,320.82 $311,000 $5,469,400 $32,879,656.08 70 $58,397. 15 468,342.82 79,046.71 5,929,688.95 41,256.75 35,500 14,000.00 New Hampshire 17,283,964.88 302,000 380,067.68 56 53,108.14 4,987,500 453,779.06 4,858,525. 16 200,000 54,492. 41 35,870.43 Vermont 24,000.00 17,696,337.82 51 232,000 188,459.54 79,075.55 4,841,500 28,119,920.45 4,879,649.04 78,086.72 234,866.22 Massachusetts 69,000 126,489,743.28 32,105.00 362,000 168 20,198,000 81,283. 12 917,595.95 14,548,752.95 5,444,308. 30 24,625.00 Boston 194,537,019.77 20 662,000 2,680,489.54 14,661,858.07 25,113.93 7,748,000 495,371.73 17,762. 50 19,000 50,000.00 23,362. 19 Rhode Island 6,824,196.98 22 178,000 29,560,573. 36 4,657,500 1,927.24 478,968.76 3,293,869.08 16,157,479.64 Connecticut 79 39,777.69 258,984.75 1,500 285,000 64,752,854.99 34,000.00 1,481,169. 12 126,228.55 13,050,850 N.Engl'd States. 16,096,950. 28 483,200,150. 18 466 329,836.62 787,256,323. 52 348,000746,592.1C 18,349,439.94 2,332,000 2,841,758.29 425,133.68 60,952,750 New York 251,279,274.59 410 84,992,783.27 6,460,341.63 398,039.53 296,640 60,072.48 869,450.51 1,052,000 352,827.89 35,786,820 5,542,312.56 New York City 40 31,254,787. 72 903,566,432.98 2,137,190 1,461,840.80 792,000.00 1,610,000 507,411.89 209,799,792.60 115,437. 11 47,796,600 50,679,962. 17 Albany 20,141,245.32 90,000 3 565,000.00 8,734,067.73 100,009 50 28,433.88 3,011.61 2,100,000 9,074,115.07 Brooklyn 17,032,984.17 151,000 4,248,083.94 5 442,323.80 200,000.00 923.32 2,992.08 41,230.02 987,000 231,824.91 New Jersey 196 134,2'25,704.15 7,115,041.09 41,115.51 580,000 161,635. 38 364,080 91,246.88 51,865,977.66 802,820.05 16,826,820 4,363,911.37 Pennsylvania 324,565,659. 15 700,000 20,743,834.63 773 2,131,699.48 264,100 51,468.75 488,904. 15 1,481,028.74 117,984,881.65 55,616,510 6,155,857.89 Philadelphia 218,689,693.26 33 240,000 319,300.00 55,000 21,272.26 37,203,091. 34 534,789.04 16,082,000 6,677,338.72 488,262.05 33,413,499.72 Pittsburg 137,386,978.84 24 105,000 100,000.00 41,699.51 35,508,321.40 672,000 18,577,012.90 513,006.94 16,624,000 2,156,107.05 9,397,496. 13 Delaware 28 9,599,884.96 12,098. 23 100 3,049,254.41 4,000 554,719.94 54,597.00 24,927.64 1,562,5(X) 89,265.63 228,810.60 Maryland 26,398,443.81 90 283. 96 57, 4,483,490 1,579,690.18 14,260 25,880.00 103,000 72,266.93 10,319,182. 13 108,884.06 624,384. 11 Baltimore 61,720,003.07 17 4, 189.99 625,500 8,000,0(X) 163,696.69 1,000 523. 3, 97 7,889, 132,805.75 38,047.33 7,233,783.92 District of Columbia. 1 860,777.63 673.06 1,000 250,000 131,980.00 23,000.00 363,465.00 10,627.64 Washington 22,275,623.01 10 28,509. 33 331,000 3,286,137.57 5,255,000 4,062,523.29 252,500 2,879,673.52 198,788.47 17,500.00 2,918,406.08 Eastern States.. . 1,630 2,127,742,704.94 1,170,014.69 211,370,740 6,159,500 5,212,692.18 3,489,870 _ 3,995,623.63 576,020,948.39 100,036,460.82 8,233,540.86 129,874,992.17 Virginia 128 92,197,371.84 169,031. 31 13,283,010 1,437,000 154,343.75 82,100 4,899,326.25 3,994,456.87 335,499.25 371,117.62 4,601,610.66 West Virginia 106 44,950,553.85 177,511. 28 430,200 8,215,100 116,2(8) 60,000.00 152,132.50 4,179,195.66 2,703,495.62 256,903.83 2,087,503.87 North Carolina 34,949,066.04 74 137,013.76 517,000 6,504,500 43,000.00 824,794.39 11,010 138,737.72 1,281,537.35 144,644.86 2,996,501.39 South Carolina 23,343,121.79 43 191,005. 15 4,451,750 217,000 8,000.00 60,156.74 771,093.90 1,906,439.88 57,482.47 1,149,881.95 Georgia 112 56,392,948.63 744,000.92 495,000 9,457,250 45,000 5,000.00 1,067,035.34 2,947,509.94 134,724.81 131,152.01 2,212,275.87 Savannah 2,979,209. 14 2 1,353 22 650,000 176,000 2,875.90 26,260.00 31,759.50 216,337.17 Florida 45 29,087,380.17 59,966.73 447,000 4,679,990 33,000.00 167,000 1,478,438.79 79,585.83 1,827,960.09 88,760.05 2,912,671.95 Alabama 34,290,288.89 81 471,805. 12 7,581,000 337,000 15,000.00 98,000 2,978,592.83 189,459. 20 1,807,956.03 212,006.61 2,542,090.53 Mississippi 31 10,965,425.69 289,981.31 3,OM,5(8) 90,000 25,125.25 1,800,459.94 735,421.40 144,855.30 608,962.40 Louisiana 26 16,485,362.56 358,397.06 2,602,500 21,000 11,000.00 541,381.66 73,033. 18 193,000 555,339.86 261,859. 17 1,102,742.68 New Orleans 20,615,999.49 5 174,498. 10 3,332,500 254,000 82,262.49 4,888,797.40 2,307,935.37 1,484,594.93 Texas 112,039,310.70 478 4,078,687.98 20,325,810 885,000 105,070 80,700.00 232,686.36 3,740,952.23 5,854,999.87 1,251,866.01 5,590,788. 74 Dallas 4 16,638,505. 71 181,942.89 2,534,000 181,000 57,000 884,600.00 380,000.00 106,749.64 2,383,275.33 Fort Worth 11,346,836.19 8 297,095.56 1,632,000 2,000 174,167.19 7,468.75 978,684.07 106,134.90 2,575,319.35 Galveston 3,859,560. 35 3 47,463.95 375,000 60,000 2,350.00 208,819.75 276,862.49 2,000.00 481,408.68 Houston 21,223,554.92 6 616,479. 33 2,635,000 52,000 1,506,278.07 666,299.09 9,846.88 242,975.00 3,589,075.85 San Antonio 8,321,745.34 6 177,313. 28 303,000 1,965,000 9,740 2,833.06 659,744.81 302,538. 15 61,805.00 768,273.71 Waco 6 5,088,302.61 141,905.80 1,200,000 40,000 11,552.78 164,0(8). 11 9,650.00 16,871.00 313,972.96 Arkansas 46 16,996,726.06 328,293.34 2,537,510 105,000 5,000.00 410 25,838.81 650,584. 12 005,439.66 172,839.72 1,952,916.38 Kentucky 136 42,016,364.70 623,00S. 23 10,621,850 741,600 21,000.00 183,330 2,612,771. 38 175,402.94 2,189,134.96 301,954.02 762,402.00 Louisville 8 23,192,761.63 17,768. 16 4,215,000 1,102,000 3,500 3,698,555.11 11,220.38 241,000.00 53,508.91 2,558,745.02 Tennessee 100 56,396,056.38 394,581.(X) 9,275,760 47,538.47 716,000 259,000 228,617.36 3,116,301.57 2,066,774.50 346,561.67 5,597,747.77 Southern States 11454 -- 683,376,452.68 9,679,103.48 121,077,030 483,582.22 1,330,360 8,608,80() 1,981.409,29 41,262,688.69 33,180,656.60 4,332,047.79 48,489,099.19 Ohio 165,439,993. 20 356 726,136.67 28,895,180 623,000 394,7140 71,000.0030,041,590. 26 366,187.03 5,883,434.0:3 936,009.61 3,292,144. 20 Cincinnati 8 61,548,539. 20 13,370.99 7,635,100 1,208,500 73,940 20,000.00 10,147,441. 28 3,452,059. 70 130,807. 12 6,880,826. 22 Cleveland 55,282,311.96 7 58,041.77 227,000 6,042,500 15,000.00 4,620,694.56 1,240,000.00 49,623. 35 7,288,344. 40 Columbus 9 16,593,667.75 2,600,000 4,428. 35 103,000 57,320 7,906.70 3,881,502.08 1,161,794. 14 107,350. 38 2,286,833.71 Indiana 254 95,796,626.86 450,138.86 17,640,340 1,034,000 224,571.88 526,980 224,124.95 14,618,981.32 2,856,891. 43 480,194. 46 3,061,406. 3:3 Indianapolis 27,174,675. 41 3,234. 46 5,827,540 352,000 374,393.06 29,700 23,667.54 5,421,598.03 1,149,077.80 34,499.61 4,852,279.52 Illinois 427 158,364,325. 18 1,678,956.07 25,034,960 281,800.00 2,744,500 419,300 305,325. 42 28,017,244.01 6,445,101.60 976,370. 26 4,110,111. 24 Chicago 11 315,529,054. 78 79,114.50 15,137,000 667,000 71,00)) 500,000.00 26,663,893.65 87,299. 21 3,283,039.85 55,911.54 58,209,417.53 Michigan 65,763,856.07 97 215,801.92 8,263,250 000 539, 87,921. 20 71. 260 13,516,222.62 74,509. 28 214,582. 70 2,743,683. 21 1,605,682.50 Detroit 3 31,287,004. 46 17,536.99 431,0(X) 1,899,000 508,320 191,630. 32 4,372,714.89 3,507,899. 22 Wisconsin 122 64,066,482.05 290,653. 11 7,960,330 230,000 42,981. 26 45,990 442,846.30 17,267,487. 21 209. 155. 297, 21 275, 81 2, 922,716.93 Milwaukee 6 38,431,297.83 71,304. 74 615,500.(X) 202,000 4,517,(XX) 2,257.50 4,564,322. 44 665,000.(X) 72,734.76 3,033,460.75 Minnesota 261 80,708,247.99 620,184.97 214,0(8).(X) 8,954,250 201,7(8) 47,700 129,150. 01 6,304,782. 14 3,578,948. 72 1,173,580.05 3,298,366. 142 Minneapolis 5 47,585,582. 27 6,038.91 185,(XX) 1,000.(X) 3,150,000 1,000.00 45,000 3,342,208.90 1,088,132. 46 6,994,3:37. 61 St Paul 6 27,312,224.65 34,970.89 826,(X)0 2,543,000 763 510.00 3,627,373. 79 2,576,722. 40 Iowa 313 95,864,156.68 1,356,431. 29 14,350,300 248,000 18,000.00 162,860 3,832,427.75 186,402. 18 4,854,670. 70 682,060. 20 3,068,833. 28 Cedar Rapids 3 6,325,397.58 4,162. 73 400,000 61,0(8) 1,763 19 442,556.77 176,384.03 537.014. 77 Des Moines 4 12,454,227.96 24,567.08 205,000 1,339,000 22,450.00 5,220 451, 141.58 205,000.00 6,650.02 1,249,610.80 Dubuque 3 2,715,960.34 15,997.91 600,000 50,000 286,313. 75 1,8:37. 50 84,183.50 20,054. 27 129,9(18.09 Sioux City 4 7,491,573. 70 24,221.96 775,000 127,1810 8,010.00 500 1,074,600. 21 191,207.52 49,985.00 928,247. 41 Missouri 106 25,891,283. 49 245,075. 17 5,041,060 103,0(8) 32,000.00 106, 251,270 77,544.95 470. 45 2, 1,264,728. 27 236,833.05 1,123,387.60 Kansas City 11 61.116,790.92 54,782. 41 4,470,000 485,(MX) 120,000.00 5,100 1,201),:393. 58 71,236. 42 4,102,563. 32 115,981.62 7,189,868.88 St. Joseph 4 8:897,291.50 26,991. 77 940,000 112,000 130,950.00 193,000.00 1,819,386.65 St. Louis 8 119,719,386.97 49,169. 41 17,304.790 432,000 71,000.00 234,500 116,255.63 9,592,589.61 3,744,554.94 259,741.57 30,396,389.87 Mid. Wn. States 2,035 1,591,359,958.80 6,071,312.93 -191,919,600 2,468, 167.40 11,396,700 2,95)),740 2,184,773.81._ _199,449,913.57 47,700,392.06 5,878,125.38 158,363, 11)6. 73--_ North Dakota 148 26,682,048.69 180,998.29 3,613,290 5,000.00 110 267,00639,1180. 96 - 953,262.77 1,593,295.89 423,308.29 612, 900. 60 South Dakota 102 25,575,477.86 194,866.23 3,050,300 435,(X)0 125,450.00 54,400 29,544. 34 1,7:3:3,815.03 1,354,798. 19 145,442.75 1,202,407.35 Nebraska 231 51,042,287.01 649,619.24 7,901,820 53,000 42,097. 77 48,14(8) 64,449.00 989,702.25 825. 289, 09 2, 232,314.46 1,698,921. 19 Lincoln 4 6,397,459 15 29,832. 16 663,100 51,187.23 2,000 4, 1(8) 6,000.00 21,449.32 362,959.:30 1,044,293.39 Omaha 7 29,193,9(1.3. 22 103,403.55 2,280,000 875,000 150,000.00 1,5(8) 34,323.42 2,739,760.66 917,082.85 12,728.95 4,181,0'22.96 South Omaha 3 6,267,678.44 73,877.60 6.30,000 1,000 117,983.39 3,5(8). 00 102,726.38 34,249.25 1,283,132.72 Kansas 201 49,341,811. 76 486,461. 76 8,601,040 612,000 50,010.00 137,660 119,886.33 3,395,582.26 1,935,237.85 1,627,950.13 324,334.70 Kansas City 2 3,810,442. 44 5,141. 73 399,000 1,000 2,500.00 345,595.97 146,250.00 1,411,257.63 Topeka 1,883,986.03 2 6,318). 52 300,000 151,000 511,823. 34 19,000.00 29,710.01 3,382.75 976,248.80 W ich ita 3 3,897,611.80 16,807.94 325,000 3,000 25,780 611,340.25 132,556.05 1,592,370. 64; Montana 26,029,904.26 58 319,077.57 2,905,700 821,000 5,(XX). 00 55,(MX) 1,624,213.45 10,697.82 1,006,500. 20 297,866.66 1,546,007.06 Wyoming 29 11,516,055.34 213,027.29 1,460,050 19,000.(X) 288,000 54,000 7,410.00 487,557.43 349,999. 36 424,095. 16 62,528.31 116 Colorado 28,303,512.89 201,218. 74 4,858,010 208,900 58,000.00 125,000 6, 54 209,337.98 28,805. 1,189,237.30 1,159,825.40 187,538.51 7 Denver 27,260,386. SI 213,307.50 2,775,000 1,202,000 500 4,510.00 8,7(X),679.94 320,403.82 5,043,132.26 285,800. 14 Pueblo 3 3,780,3.51. 92 27,4100.05 480,(XX) 81(88) 5,000.(X) 2,532,946.50 13,448).00 56,750. 73 1,502,887. 20 42 New Mexico 10,653,289. 27 64,684. 25 1,569,000 351,000 17,0(8).(X) 27,219.:37 446,875.85 &51,(X)7. 75 108,490.57 1,457,138.68 266 Oklahoma 36,864,611.03 548,619.85 6,567,810 268,0(8) 30,000.00 32,830 53,559.42 3,341,385.91 2,419,045. 20 2,232.049.09 255,150.54 Muskogee 4 3,547,858.92 54,250 96 575,(XX) 150,000 8,050.00 157,516.45 59,300.(X) 13,340.81 728,84141. 55 6 Oklahoma City.... 7,003,800.80 24,377.64 649,000 203,000 5,769.55 1,603.344.32 23,650.00 170,539.91 1,690,096.78 Western States.. 1,234 -- 359,062,537.64 3,413,562.87 49,CO3,12() 6,872,000 558,514.55 539,680 36,524,173.07 487,786.20 14,944,075. 15 2,443,227. 42 31,414,603.70 Washington 21167 ,543,676. 16 197,0577-81326,188) 2,498, 110 113,0(8).00 11,000 15,496.05 -2,919,301.99 1,017,512. 79 261 2.57. 88 283,96.5. 75 Seal le 25, 182,297.64 6 39,419.67 985,(XX) 1,848),000 4,600 6,380. 75 :3, 983,890.81 247,(113.70 31,420.04 2,979, 143.01 Spokane 14,310,273.97 5 38,593. 43 2,650,(XX) 150,(X10 1,000.00 13, 2941.87 1,234,484.91 969,845. 11 95,653.01 1:36,0410.07 1, Tacoma 2 5,313,835. 13 25,062.57 500.(XX) ?25.(X10 3,5(X). 00 727,646.37 155,(XX).00 45,230.06 460, 182.93 Oregon 73 19,4(0,537. 48 303,171.36 2,561, 7C,0 109,000 27,000.00 211, 222.32 230,840 2,848,432. 72 1,430,178. 48 155,934.58 471,099.99 80 17;83 4 Portland 418 7:37; ;2 1.(8 771 24.453. 79 2,1400,000 1,250,000 ..... 54. 100 31.676. 38 2,757,958.85 229, 175.00 49. 1301.0.5 3.389. 249.01 California... • 184 644,479. 10 13,331,9.50 272,000 71,000.00 38.5, 160 169,877.84 16,377,507.09 5,130,244.85 490,867.60 2,546,737.40 Lai Angeles 9 38,334,790.09 197,488 33 5,100,(8)0 357,(X1) 212,1)00 103,452. 45 4,708,264.80 735,129.76 71,493. 42 4,654,82'2.07 10 San Francisco 105,852,341. 16 434,829.57 21,524,000 521.0(10 218,000 15,415,434.24 471,554.39 4,685,663.68 771,403.36 10,272,429.36 Idaho 13,541,729.50 46 191,730.82 236,000 1,984,(XX) 7,000.00 69,0(1) 1,094,703.56 29,287. 41 808,165.54 317.627.50 518,722.38 Utah 16 5,492,283. 48 158,546.39 8.35, 750 1(8),000 61,000.00 1,397.50 513,556.54 203,645.46 100,705.23 187,101.78 Salt Lake City.. 7,589,127.88 5 193,305. 18 1,750,000 290,000 10,5(X).(X) 1,232,515.05 289,189. 77 9,9410.65 1,109,955.8.3 11 Nevada 5,301,892 47 75,179.57 1,579,(XX) 52,000 10,000.00 15,(121.52 571,760.68 164,178. 19 99,270. 13 243,937.46 Arizona 4,984,674. 47 13 74,589. 17 735,260 201,000 10,000 554, 1:52.37 10,395.90 476,821. 21 28,068.43 615,449. 44 Alaska 2 498,526.35 26,33.5.35 62.5(8) 275,000 25,000.00 8,872. 13 27. 210. 20 22.401.60 1. 200.00 14,962.57 453 Pacific States 364,662,109.55 2,624,242.71 58.897,:330 315,000.00 6,164,000 1.195.000 54,71)2, 160.3 16,829.404.94 920,531.51 2,529,2'27.94 28.883,759.0.5 Hawaii 41,321 091 95 13,582.26 294,250 235,400 288,561.00500.28 118,2(11.69 51,579. 24 6,123.45 10,455. 18 Porto Rico 1 113,781. 27 305.16 100,(XX) 6,9(X).00 140.1;75.(X) 900.00 Island possess's:nu;. 5 1,434,873. 22 ---- 13,887.42 - 394,250 235,400 288,561 (X) 258,9341.69 7,460. 28 52,479.24 6,123.45 10,435.18 United States 7,277 -5,610,838,787.01 23,397,257. 78 694,214,820 -40,768,400 12,168,275.64 9,854,250 9,907,421.34 995,475,144.31 228,840,419.09 24,168,885.00 416,385,546.96 Statement of Mar. 7, 1911. 3 Showing Their Condition at the Close of Business on Wednesday, June 7, 1911. RESOURCES. Due from Due from apState and priproved reserve vate banks agents. and bankers. $5,181,139. 49 2114,939. 51 105,436. 24 3,857,054. 28 89,764). 05 2,738,604. 12 18,984,752. 76 426,303. 75 6,967,248. 77 39,318,129. 73 4,268,755. 13 279,462. 79 13,303,784. 07 406,796. 48 8,389,947.59 87,652,219. 58 5,798,639. 18 43,840,617.00 41,231,241. 59 2,966,207. 30 7,545,159. 76 4,044,360. 13 294,131.93 3,133,825.09 24,977,796.63 2,122,632. 27 55,212,994. 32 15,452,013. 64 49,938,497.00 2,627,622. 27 24,898,151.89 77,298. 39 1,176,626. 01 3,962,121.09 205,830. 10 1,407,568.05 8,483,506. 57 254,945. 22 3,650,377.99 808,i24. 48 227,985,153.61 76,126,-034. 29 Checks and other cash items. Exchanges for clearing house. Fractional Bills of other paper curnational rency, nickels, banks. and cents. $114,937. 39 $337,081 $114,894. 30 302,40! 295,977.07 145,127 137,702. 40 1,440,054 375,620.62 609,885. 27 (148,446 14,458,874.58 779, 105. 38 342,022. 70 259,137 19,091. 19 406,614. 74 920,340 424,634. 18 15,698,079.03 4,072,586 2,381,289. 79 886,179. 23 2,101,675 I,021,469. 28 2,356,546 6,634,452. 45 192,900,313.92 110,895 172,005. 74 74,206. 77 114,295 1,728,418. 17 303,841.03 1,622,6614. 17 1,030,5.57 1,311,994.67 501,593. 25 3,938,OR1 1,731,976. 41 1,148,820 81 16,362,593. 2,413,019. 52 4,225,272.85 1,706,809 253,774. 56 10'2,084 52,429. 21 39,466 44 135,013 4,326.06 121,884. 89 692,440 3,169,020. 26 250,242. 11 2,275 12,756.94 806.64 835,915. o2 28,980 229,968.06 13,468,470 14,387,102. 83 222,473,492. _ 63 726,456 09 810. 803, 61 375,719. 2,866, 8,113,978.88 004.54 460.607 118,442.63 194. 772. 17 627,403. 13 5,252.222.86 2114,088 33,210.76 416,858. 45 1,172,184. 15 2,190,423.75 263,600 197,690.68 110,010.30 1,826,433.13 740,426.48 5214,284 831,213.36 273,714. 10 2,328,738.06 4,575,673.50 43,171 117. 14 134,994.82 140,009.97 525,757 279,211.01 118,731.24 4,339,727.57 1,368,141.49 931,194 205.916.90 148,381. 14 4,549.361.02 1.028,125.88 66,769 14,270.70 69,546.92 2,957,914. 41 987,265. 11 160,794 42,956.29 58.865.70 2,718,152.28 451,750. 71 97,942 1.429,245.85 57,919.95 2,425,845.70 3,437,974.86 1,321,356 879,791. 77 1,152,800.30 19,150,056.20 2,183,024. 19 2(12,2i1) 44 169. 140, 208,092. 24 2,255,033. 10 491,578.30 162,382 342,226.50 10:3,212.73 2,095,045. 48 $13,387. 42 98,255 6,083.64 892,774.09 52,485. 44 138,542.57 523,035 212,097.16 23.626.97 4,250,334.31 1,192,945.89 174,115 129.668.99 83,739.30 2,351,566.97 354,388.(15 36,068 43,601.43 79,861. 36 482,031.39 79,524.26 206,880 197,259.80 114,980. 48 3,900,238.70 980,078.22 537,664 10S,655.01 248,897.34 5,707,183. 13 256,322.81 523,720 597,791.49 42,311.27 5,253,726.35 1,200,119.49 941.552 626,579. 18 460,796. 17 8,714, 149. 37 1,919,133. 18 8,809,949 7,269,882.68 4,395.439. 32 - 23,509,925.05 -95,154,011.322,572,578 667,925.50 (1641,934. 27 24,497,667.30 134,476.88 358,500 819,013.85 (p1,550. 71 8,823,798. 49 1,026,882.72 852,077 1,063. 492.08 140, 188. 11 11.964,052.35 2,725.377.33 306,8140 289.788.89 44.889. 45 2,586,434.07 205.1)71.39 1,598,.590 241,442.25 591,134. 72 20,410,482.29 810, 195.66 533,686 817,539.33 360,405. 12 5,650.824.29 1,775,518.93 1,771,156 563,214.46 774,906.34 31,417,692.43 2,208,605.30 232,680 1. 329.05 14,336, 193,271. 11 13,977,837. 23 632,063 220,490.49 225.848. 22 11.262.909.08 1,408. 340.55 4643,75.3 660,209. 2,5 52.367.89 7,045,748. 44 2,039,656. 10 634.137 81,010. 18 269,438.53 11,795,244.38 549,088.53 167,146 748.633.67 103,612.98 6,831,677.35 1,372.856.ti2 (1)1.023 191,36/4. 21 402. 13(1.37 13.807,484.33 1,211,027.20 270,0(8) 1,800,113.23 121,4)44. 76 6,600.170.54 1.496,375. 41 204,331 901,396.29 158,837.25 4, 180.021.00 1,220, 170. 49 639,923 180,228. 11 563,071.66 1,065, 461. 20 15,492,669.91 78,550 96,299.33 10,493.94 1,020,497.37 259,929.61 123,550 48 340. 187, 44,045.78 1,956,533.37 180,361. 11 23.003 65 832. 20, 6,708.62 477,276.69 8.5,624. 45 49,271) 145,588.69 50,905.69 1,829,491.64 653,638.42 212,869 56.968.31 178,845.55 751, 103.88 5,372,981.45 335,28.5 2,923,827.19 352,66.5. 44 4,927,723.87 15.596,475.83 141,007 325,639.48 41,825. 24 2,775,713.95 5.54,591. 28 1,612,749 2,689,437.48 118,668.51 7,487,792. 26 15,417,89C 30.1)28,128.45 5,523,796. 26 211.395.846.5650,129,306. 42115,775 92,5(15. 37 109,499.99 214,381. 76 2,771,075.72170,391 54,5414. 47 140,596. 24 289.847.80 4,772,004.00 375,831 74,765.61 229,977. 76 11,136,190.05 269,674. 45 76,670 46,792.56 118,934.77 314,633. 38 1,019,925.52 _145,711 861,823.65 262,286.95 1,851,077.59 6,013,724.39 121,826 526,774.72 1,844,230.07 334,976.57 495,292.39 614,146 205,361.03 77,771.61 13,174,959. 48 869,235. 10 10,340 3,987. 49 56,877.03 631,644. 77 245,807.66 33,860 12,592.84 44,109.87 309,542.04 18,304. 15 69,379 21,812. 39 120,412.52 1,053,158. 17 69, 141.42 284,407 124, 194.55 52,960.54 5,473,786. 22 918,635. 42 62,998 29,660.09 34,539.63 1,809,472. 30 144,037. 33 289,1164 123,610.50 137,966.32 7,877,451. 20 483,683.58 678,934 1,040,857. 29 194),062.85 6,569,097.06 1, 218,255.61 104,285 46,562. 21 9,825. 36 1,049,123.63 208,565. 61 1)1,428 36,701.46 78,034.83 2,482, 174.86 246,348. 80 :396, 253 187,254.56 273,138.94 8,367,495.50 357, 7(8). 08 .55,605 :37, 189.97 1,399.07 747,268. 40 47,516. 70 151,170 143,868. 20 59,631. 37 968,772. 16 291,972.91 3,888,013 3,798.422. 45 8,554, 111. 74 -78,071,005.54 -2,205,442. 73 134, 11402 240. 110, 89 079. 121, 75 498. 5,833, 41 563,857. (1.55,998. 67 292,011 87,824. 36 4,05(1,905.03 1,958,556. 74 251,625. 21 293, 725 37,995. 71 2,228, 792. 40 94)0,875.64 43,366 8.5, 976. 76 5,454. 89 675,639.63 100,OSS.54 158,213 25,201. 20 193, 469. 01 5,009, 706. 45 571,519.66 1614,632 524, 143.51 130, 715. 17 2,883, 105. 78 622, 499. 52 481,681 403,969. 10 735,546.00 16! 699, 253.51 1,580, 72:4. 21 378,297 1,364,941. 74 737,821. 36 5,354,061.67 2, 496, 271. 12 475,787 2,851,034. 97 161,352.92 14, 256,557.87 15, 7914, 687.80 201,8.56 62, 704. 44 83,41)8. NI 2,370, 767. 52 397, 443. 47 10.750 :39, 163. 99 9,990. 11 1,1)77, 789.81 255,746. 71 89,9:42 266, 716. 22 23,605. 75 1, 284. 513. 12 341,098. 24 41,739 6, 281. 19 87,960. 44 97,641. 45 1,562, 132.62 103,14140 39, 192. 71 58,209. 25 2,020,031.01 151,972. 40 50,520 5,830. 45 17, 158. 76 54,219.89 2,927,803-7,048,766.63 2,208,889.01 65,323.343. 93 28,890,606.80 3, 177 47,916. 24 96,278. 70 95,417. 23 3,260 5,032. 146 8, 1142. 85 5,440.09 19,794. 17 6, 437 5,032.54 104, 461.55 _ 53,356. 33 115,211. 40 195, 714, 143. 29 765,656, 132. OS 31,155,316. 27 286,321,804. 73 48,591, 154 Specie. Legal-tender notes. $421,764) $2,257,836. 21 $15,838. 46 412,215 1,2'21,969. 76 16,556.91 387,001 800,611. 15 9,840. 75 256 3,369. 6,466,320. 71 110,350. 26 3,993,993 25,679,761. 75 88,627.06 615,192 1,326,441. 23 18,776. 20 1,390,932 3,972,738. 09 46,311.08 10,590,35.5 41,725,678. 90 306,300772 6,543,403 16,752,268. 34 157,199. 78 53,334,109 276,481,282.91 107,691.87 1,978,422 2,307,78.5. 55 4,621.66 587,952 2,742,262. 85 20,933. 74 4,251,002 14, 733,040. 77 120,748. 40 7,583,351 23,529,935.91 268,870. 17 3,299,502 35,238,405. 59 88,204. 26 5,462,183 18,695,180.00 83,249. 78 192,926 605,258.00 15,843.00 716,752 1,560,095. 49 26,414. 47 402,005 5,707,773. 88 40,346. 91 7,700 66,872.00 160. 17 450,447 2,696,779.00 11,226.03 84,809,814 395,116,940. 29 94.5,510.24 2,141,570 4,049,359.72 61,876.38 808,669 2,807,829.90 38,102.20 591,672 1,348,871.30 211,626. 81 453,775 825,964.75 21,002.27 1,147,760 2,179,930. 27 63,862. 36 6,000 130,485.50 2,142.00 676,730 1.771,457.97 20,721.29 ! 481,209 2,659,099.66 48,39.5.04 252,643 832,136.90 15,935..56 ! 15(1,502 1,076,479.80 11,760.12 ! 523,650 2,526,263.04 18,984.79 ! 1,904,619 (1,914,178. 46 120,249. 16 466,580 1,906,658.85 8.648.91 448,665 1,059,674.40 17,575.76 51,065 479,220.90 1,448.91 545,380 2,528,920.38 18,237. 37 245,960 1,403,494.35 6,880.80 151,922 528,056.70 12,125.55 295,341 1,366,750.70 16,997.81 540.065 2,502.033.51 30,844.66 925,554 2,584,916.65 9,020.44 1,6.36,946 3,828,022.94 45,053.35 14,452,27745,309,806.65 616,491.54 4,091,08910,444,284.62 112,142.96 2,249,465 7,:474,577.80 9,333.84 1,693.640 7,127,880. 35 11,856. 38 741,367 2. 177,889.82 8,3341. 46 2,194,580 7,:353,338.68 75,327. 79 896,121 3,604,363.85 15,250. 70 3,381),965 11. 27:3, 159. 12 135,921.87 28,807,932 (15, 167,563.05 71,551.24 1,820.849 4,643,129. 414 47,624.91 2,902,763 2,1194,205. 50 10,678. 71 1,064,56.5 4,700.998. 40 46,490. 76 2,058,068 3,836.743.20 16,698. 44 981.597 5,476, 111.08 54,077. 70 1,322,772 4,983,001. N) 9,631.66 643,689 24 3, 374,683. 7,948.54 1,553.433 5,5,3:3, 466.98 56,770.24 155.527 747,250. 75 4,160.68 654,840 1,018,587.80 2.819.73 101,460 284,699.60 2,274.69 497,831 882,847.90 2,271.90 653,559 1,592,6(11.66 23,698.45 1,292,789 7,846,(1)1.15 21,576.90 261,190 1,203,209.05 6,019.04 5,651,936 26,238,301.00 20.644.12 189,578,895.68- --65,752,027 773,107.71 2143,486 1,505,074. 40 23,516. 30 364,325 1,81:3,453. 40 20,703.97 561,976 3,162,200. 55 36,376.62 276,553 585,884.30 1,702.09 1,163,045 3,596,069. 15 6,841. 19 218,905 591,4413. 55 1,671. 21 847,024 3,857,341.76 46,171.61 25,990 442,761. 40 2,271.92 39,516 430,069.95 1,436.52 40,844 60 717,960. 4,174). 22 537,882 2,757,542.70 17,605.44 85,211 928,425. 3:3 6,334.30 676,269 2,927,081. 61 26,794.63 1,322,467 6,289,292.:35 17,840.08 67,750 937,724. 20 2,272.57 126,636 966,151. 35 8,695.63 5:36,951 2,677,858.96 6.5, 149.38 119,473 416,249.85 2,105.52 405,035 1,070,77:4. 55 11,749. 26 7,699,338 35,573,318.96 303,41)8. 46 _ 125,592 2. 179,349.(10 114,018. 39 510,447 5,426,863. 50 14, 154. 75 68,810 2,519, 205. 4.5 13,627. 77 28,419 1,4)51, 370. 40 4,931.52 66,929 2,729,978.93 13,250. 10 445 87, 65 5,9(19, 252. 6,228.51 7,(150, 1)42. 52 241(), 823 48,322. 41. 355,246 7,11)6,098. 75 32,082. 27 81,748 14, 315,977. 33 18,915.09 105,098 1,345, 737.15 11,713. 93 11,316 474,601. 60 3,430. 84 92. 170 1,1154, 162. 90 3,441. 23 1:4,905 459,574.00 1, 781. 32 (10,828 568,320. 30 3,919. 74 164,964. 48 13, 255 9. 15 ! 1,912,061 53,515, 498. 99 193,827.05 130 264,652. 50 476. 89 3,6(8) 26, 715. 50 54.97 3, 730 291,365.00 .531.86 _ 185,219,602 3,130,177.58 -761, 111,507. 47 1Statement of Mar. 7, 1911. Five per cent redemption fund. $271,222. 25 236,055.00 229,625.00 991,455.00 387,400.00 224,625.00 623,891. 50 2,964,273. 75 1,7114,353.50 2,382,305.00 105,000.00 49,350.00 837,016.00 2,657,043. 70 804,100. 00 799,397. 50 73,725.00 206,293. 35 398,700. 00 12,500.00 258,650.00 10,348,434.05 616,150.00 391,620.00 263,822.36 212,715.00 4(11,83:3.00 32,500.00 228,889.50 351,762.60 144,975.00 127,925.00 162,375.00 986,176.00 126,700.00 69,400.00 18,750.00 131,750.00 98,250.00 60,000.00 119,625.50 463,932.50 202,5.50.00 436,288.00 5,707,989.46 1,372.345. 13 381,755.00 292,825.00 106,900.00 8.59, 467.00 276,377.00 1,221.210.50 756,850.00 402,510.00 94,950.00 380,261.70 225,850.00 443,010.00 157.500.00 127,150.00 677,222.90 20,(XX).00 6(1, 950.416 30,000.00 38,750.(X) 275, 150. 25 206,600.(X) 41,000.00 818,964.50 9,273,598.98 177,013.98 151,465.00 381,846.50 33, 155.(X) 103,:300. 00 29,200.00 416,729.50 19.950.00 15,018).00 16,250.(X) 141, 135.00 73,002.50 232,825.50 138,750.00 24,001).00 75,550.00 309,668. 75 28,750.(X) 32, 450.00 2,4(8),041.73 124, 105.50 46, 750.(10 132,500.00 25,000.00 124,95%.(10 140,000.00 662,362.50 255,488).00 1,076, 200.00 94,000.00 41,787.50 87,.500.00 78,950.00 36, 76.3.00 3, 12.5. 00 2,929,001. MT 14,712.50 5,000.00 19, 712. 50 _ :33, 643,051.97 Due from U. S. Treasurer. $11,536.50 2,000.00 500.00 60,125. 00 1,038,000.00 102,502. 50 126,174.00 1,340,838.00 153,777. 50 2,736,581. 30 4,000.00 46,897.50 104,825.50 43,5,890. 40 376,671. 41 13,380.00 5,811. 73 35,000.00 14,950.00 3,927,785. 34 414,600.00 24,450. 15 4,168.59 10,796. 10 33,856.80 2.50 2,752.00 19,567..50 1,352.50 12,500.00 24,100.00 51,815.45 2.50 Aggregate. $59,918,815.96 36,024,141. 19 33,202,811. 44 214,296,382. 15 333,691,753. 83 49,762,668. 50 121,103,929. 96 848,000,503.03466,080,204. 27 1,827,885,979. 31 56,100,186. 89 33,227,907.09 262,503,898. 32 627,8.35,247.97 438,905,292. 61 280,209,93,5. 03 17,529,194. 46 50,731,307. 36 109,395,453. 50 1,999,539. 30 50,491,678. 85 4222,895,824.96 STATES, TER R TORIES, AND RESERVE CITIES. Maine. New Hampshire. Vermont. Massachusetts. Boston. Rhode Island. Connecticut. N. Engl'd States. New York. New York City. Albany. Brooklyn. New Jersey. Pennsylvania. Philadelphia. Pittsburg. Delaware. Maryland. Baltimore. Dist. of Columbia. Washington. Eastern States. 141,328,391.77 Virginia. 74,052,915.65 West Virginia. 53,813,731.68 North Carolina. 36,818,345.68 South Carolina. 86,056,762.97 Georgia. Savannah. 4,573,216.96 50,193,862.68 Florida. 61,016,211.95 Alabama. 23,005.540.39 Mississippi. 27,023,302.07 Louisiana. New Orleans. 43,844,888.97 188,1449.938.42 Texas. Dallas. 29,212,796.91 Fort Worth. 21,931,275.30 Galveston. 7,054,090.77 2,000.00 T I ouston. 40.004,853.72 7,017.50 San Antonio. 17,420,057. 41 Waco. 14,460,450.95 1,005.00 30,580,.536.30 Arkansas. 1,826.00 70,651. 15/4. 69 Kentucky. 6,742.50 Louisville. 46,359,856.90 26,088.00 33,352. 50 97,088.811.41 Tennessee. Southern St's. 55 313,995.59 1,159,340,997. _ 211.3. 277,44410 Ohio. 48.545.44 Cincinnati. 112,221,559.42 6,097.50 Cleveland 100,834,204.64 149,300.00 Columbus. 33.301,161. 79 29,801.60 171,078,616.98 Indiana. 29,802.50 Indianapolis. 23,100.00 59,195,8.51.65 281,142.015.70 Illinois. 17,190.90 Ch i(ago. 545,790,744.74 974,000.00 18,007.50 113,777,541.73 Michigan. Detroit. 141,5(X).00 51i,413,937.77 113,367, 188. RA Wisconsin. 3,502.50 Milwaukee. 47, WO.00 67,583,364. 28 6,957.50 128,219,703.00 Minnesota. Minneapolis. 92,709.00 79,251,708.35 St. Paul. 76,498.00 48,578,526.54 150,403.244.08 Iowa. 16,855.00 Cedar Rapids. 10.340.987.75 Des Moines. 5,200.(X) 20.203,095. 71 Dubuque. 4,938,685.06 2,550.(X) Sioux City. 14,820,941.04 15,205.00 46,105,635.5.3 Missouri. y, KanSiVi 112,443,661.53 5,001).(X) St. Joseph. 17,474,814.96 48,(8)2.50 St. Louis. 226,606,873.37 1,757,024.94 2,799.371, 67 Mid.Wn.States. 5014. _ 3,052.50 39,666,276. 51 Nor)h Da 101 a. 5.(X) 41,679,841. 6.3 South Dakota. 4,926. 50 81,258,601.05 Nebraska. Lincoln. 11,056,631. 17 Omaha. 22,500.00 54,515, 164. 53 12,678,427. 29 South Omaha. 86,644.220. 40 Kansas. 3,505.52 Kansas City. 7,580,818.04 Topeka. 4,785,972.92 R,735,595.02 18,000.00 Wichita. 4,054. 35 44,933, 170. 24 Montana. 105.(X) 18,055.508. 37 Wyoming. 14,703.(8) 55,217,975.70 Colorado. 3,000.00 Denver. 6.3, 274,2741. 71 10.930,045.07 Pueblo. 1,(MO.(X) 19,378,426.67 New Mexico. 00 901. 786, 21 Oklahoma. 2,370. 65, Muskogee. 6,749.941. 20 Oklahoma City. 14,509,001. 45 Western States. 647,433,695.08 77,221.87 418.50 37,396,6.51. 89 Washington. Seattle. 48,303, 279. 20 2.50 Spokane. 27,046,304.55 Tacoma. 9,475. 103. 80 36,522, 737. 25 Oregon. 2, 335. 00 38,.53(1,533. 22 Portland. 14g,864. 414. 05 California. 22,0439. Los Angeles. 72,4145, 160. 83 San Francisco. 212,232. 916. 74 600.00 23,471, 495. 85 Idaho. 300.00 9,575,8412. 94 Utah. 5,048).00 Salt Lake City. 16,322,696. 92 7.54) 10,462,812. 54 Nevada. 10,733,506. 40 Arizona. 1.271. 420.93 Alaska.1 Pacific States. 30, 733.05 702,703,897.042,862,626. 11 439,641. 87 Porto Rico. Isl(i. possessions. 3,302, 267.99 7,447,598. 79 110,383,048,694. 31- United States. ! Abstract of Reports of the National Banking Associations of the United States 4 LIABILITIES. STATES, TERRITORIES, AND SERVE CITIES. Capital stock paid in. Surplus fund. Undivided profits, less expelises. State-bank Nationalcirculation bank notes outoutstanding. standing. $7,850,000.00 $3,293,700.00 ' $2,588,465.92 $5,388,232.50 5,235,000.00 2,829,249. 27 1,415,437. 18 4,901,432.50 5,210,000.00 1,911,263.74 1,860,785. 40 4,780,216. 50 30,667„500. 00 17,114,720. 38 8,934,962.92 19,880,687. 50 22,950,000.00 18,610,000.00 11,481,569 44 7,603,577.50 6,700,250 00 4,144,650.00 I 2,345,441.72 4,533,702 50 19,914.200.00 11,435,300.00 5,604,012.07 12,722,390.00 98.526,950.00 59,338,883. 39 -14,230,674.65 59.810,239.00 46,065,370.00- 30,110,852.07 12,783,033. 49 35,238,865.00 144,833.00 121,400,000.00 130,955,000.00 41,2(19, 129.63 45,91)2,857. 50 16,516.00 2,100,000 00 2 200 000.00 526 631. 35 2,000,340.00 1,802,000.00 1,071,961.09 2,250,000.00 973,650.00 21,987,000.00 21,110,600.00 I 9,415,644. 13 16,518,750.00 5,291.00 66,933,270.00 66,208,414.63 15, 173,613. 47 54,993,761.50 598.00 22,655,000.00 37,550,000.00 4,353,237. 29 15,829,027.50 28,700,000.00 24,865,301.93 4,838,378.63 16,347, 167.50 9,373,985.00 2,158,500.00 582,372.81 1,544,820.00 5,291,700.00 3,542,346. 28 1,141,365 12 4,404,599 50 12,290,710.00 7,770,010.00 2,308,788.97 7,829,690.00 468.00 252,000.00 252,000.00 164,964. 78 239,700.00 5,850,000.00 4,330,412. 79 665,208 23 5,123,457.50 337,701,035.00 3.13,303,437. 70 94,234.328.92 206,946,679.00 I 27,706.00 16,618,500 00 10,784,780. 14 - 3,569,676.29- 13,058,047.50 9,187,000 00 5,166,394. 15 1,346.547.77 8,152,777.50 8,385,000 00 2,351,260 00 1,606,5S9.62 6,493,907.50 5,410,000 00 1,806,931.02 1,260,663. 26 4,409,430.00 13,091,000 00 7,000,983.99 3,376,190. 49 9,677,642.50 SaVallIlah 500,000.(10 750,000 00 170,839. 84 650,000.00 Florida 5,893,590 00 2,369,800 00 1,004,328.51 4,630,557.50 Alabama 9,379,670.00 4,777,720.00 1,672,800.68 7,474,642.50 Mississippi 3,135,000.00 1,410,208.91 722,039.66 2,979,860.00 Louisiana 2,920,000 00 2,098,065 83 635,78.5. 73 2,576,752. 50 New Orleans 5,200,000 00 2,980,000 00 730,016.36 3,278,697.50 31,604,000 00 Texas 15,708,875.57 7,099,267. 10 20,209,752.50 Dallas 2,650,000 00 1,850,000 00 1,034,530.00 2,529,250 00 Fort Worth 2,875,000 00 1,825,000 00 572,360.77 1,615,250 00 625,000 00 Galveston 275,000.00 141,754.30 373,600.00 3,600,(X10.(X) liouston 1,400,0(0). 00 700 071.85 2,628,350.00 2,100,000 00 San Antonio 1,005,000 00 272,289.21 1,952,800.00 1,450,000 00 Waco :397,000 00 206,597. 38 1,200 000.00 4,435,000 00 Arkansas 1,792,867. 10 1,050,343.00 2,498,910.00 11,910,900.00 Kentucky 4,505,631.21 1,324,969 68 10,534,122.50 5.495,000 00 Louisville 2,685,001).00 97.5, 5i10 54 4,207.800.00 12, Tennessee 435,000 00 4,941,407.96 2,134,517.82 9,184,212.50 Southern States 159,349,660.00 77,631,925.88 31,607,805.8i 120,316,362. 50 Ohio 35,347,257.21i 16,570,530. 77 6,349,422.97 28,583,577.50 Cincinnati 13,900,000.00 7,300,000.00 2,486,229 09 7,598,695.00 Cleveland 9,350,000.01) 4,050,000 00 2,221,297.13 5,810,750.00 Columbus 00 3,750,000 1,313,500.00 536,950.39 2 554,795.00 Indiana 21,153 0(10.00 217. 600, :34 8, 2,867,330 38 17,476,852.50 Indianapolis 6,3(X),000 (X) 2,504,000.00 1,483,1131.16 5,827,535.00 Illinois 30,820,000 00 16,146,734.87 6,809,653. 10 24,761,505.00 Chicago 42,400,000 00 25,789,500.00 5,988 247.91 14,444,395.00 Michigan 9,960,000.(X) 5,038,610.00 2,297,521.23 8,101,860.00 Detroit 4,750,000.00 1,750,000 00 910,772. 10 1,828,600.00 Wisconsin 10,830,(XX). 00 4,129,988 88 2,35.3.584. 26 7 865 500.00 Milwaukee. 6,250,000.00 2,6(10,000 00 1,076,666.58 4,425,795.00 Minnesota 11,871,000 00 5,527,933.57 1,858,200. 28 8,758,715.00 Minneapolis 6,700,000.00 5,690,000.00 1,166,700.43 3,015,800.00 St. Paul 4,100,000.00 3,190,000.00 727,450 55 2,369,450.00 Iowa 17,530 000.00 6,641,692.31 2,939,138.88 14,263,552.50 Cedar Rapids 4(0),000.(X) 305,000.00 170,010.04 396,997.50 Des Moines 2,000.000.00 625,000 00 210,341.25 1,214,697.50 Dubuque. 600,000.00 130,000.00 210,378.65 600,000 00 Sioux City 850 000.00 355,(0)0.00 120,125.35 769,797.50 Miisouri 6,555,000.00 2,508,803.80 798,635.76 5,607,292.50 Kansas City 7,600,000.00 1,948,203.42 3,221,000.00 4,263,092.50 1,100,000.00 St. Joseph 600 000 00 202,766. 13 914,897.50 20,400,000.00 St. Louis 11,975,(0)0. 00 4,616,567.87 17,036,437.50 Mid. W. States 274,516,257.25 136,622,511.54 .50,349,824.91 188,490,590.00 North Dakota 5,285,000 00 1,761,280. 20 571,924. 36 3,599,507. 50 South Dakota 4,205,000.00 1, 139,000 00 3,041,660 00 895,466. 24 Nebraska 10,412,500.00 3,875,000.00 1,58)3, 837.87 7,803,910.00 Lincoln 1,000.000.00 330, OM.(X) 663, 100 00 240,525.05 Omaha 3,600,000.00 257, 500. 00 2, 2,280,000 00 739, 239.85 South Omaha. 1,050,(XX).(0) 370,000.00 68 188,050. 624,902.50 Kansas 10,617,5(X). 00 4,321,940.00 2, 173,317.67 8,561,555.00 500,()00.(X) Kansas City 250,0(X). 00 45,814. 90 399,(0)0 00 3(X),(0)0. 00 Topeka 150,000.00 38, 167. 62 3110,0(10. 00 Wichita 400,0(X).(X) 480,000 00 325,000.00 47,398. 79 Montana 4,875,000.00 2,654,518. 26 1,231,936. 14 2,750,917.50 Wyom ing 1,685,000.00 1,033, 2(0). 00 1,459,042.50 772, 272. 42 Colorado 6,565,000.00 2,925, 70f).(X) 1, 452,874. 33 4,823, 497. 50 Denver 2,675,0(0).(X) 3,450,(XX) (10 1,143,424. 74 2,759,395.00 000. 500, (X) Pueblo 390,(XX). 00 17,467.02 480,000.00 2,095,000 00 New Mexico 805, 400. 00 581, 784. 36 1,564, 430.00 2,(37. 766. 63 10, 372,500 00 Oklahoma 1,601, 131. 15 6, 444,1180.00 700,(00).(X) Muskogee 192,500.00 98, 739. 15 575,000 00 1,550,000.00 201,100). 00 Oklahoma City 126,780.65 648,995.00 28,480, 405. 09_ _!L 53 Western States. 69, 162,500.00 '155.99- 49, 104,59- .50 Washington 4,100,000 00 1,997,3(0).(X) 2,454,667.50 563,882.09 Seat 110 4,200,000.00 1,372,(0)0 00 504,302. 73 934,995 00 Spokane 3,400,000.00 775,000.00 413,66.3. 45 2,650,(X10. 00 Tacoma .500,000.00 850.(XX). 00 111,099.4! 489,300.00 4.121,000.00 Oregon 1,930,247.58 764,955. 17 2,443,232.50 purtla nO 3,250,(XX).(X) 1,411,WO.00 702,211. 77 1,868,865.00 California 17,453,7.50.00 6,856,.5l6.57 3,436,826.54 13,186,077.50 Los Angelrs 5,600,000.00 2,618,000.00 3,749,480.59 4,745,047.50 28,750,(XX).(X) 14,857,250.00 San Francisco. 5,735,216.51 21, 109,330.00 2,640,000.00 1,315,8(X).00 Idaho 525,310.80 1,951,020.00 1,030,000.00 Utah. 384,677. 15 297,655.29 828,747..50 000. (X) Salt Lake City 1,750, 860,000.00 206,670.97 1,700,000.00 Nevada 1,742,000.00 448,901. 25 158,745.68 1,545,390 00 1,030,000.00 642,000.00 Arizona 30.5,494. 90 731,410.00 35,000.00 100,000.00 Alaska 1 44,771.00 61,720.00 79,666,750.00 —36,354, 192.55 17,520,319.90 56,699,802..50 Pacific States ' hawaii 610,000 (X) 1(.1.5,440.53 46,401.08 272,247.50 100 000 00 Porto Rico 20,000 00 9,594. 78 100.000 00 Island possessions. 215,440.53 710.000.00 .55,995.86 372,247.50 United States 1,019,633,152.25 671,946,796.68 241,554,106.09- 681,740,513.00 27,706.00 Maine New Hampshire Vermont Massachusetts • Boston Rhode Island Connecticut N. Eng.States New York New York City. Albany Brooklyn New Jersey Pennsylvania Philadelphia Pittsburg Delaware Maryland Baltimore Dist. o,Columbia... Washington Eastern States Virginia West Virginia North Carolina South Carolina Georgia Due to other national banks. Due to State and private banks and bankers. Due to trust companies and savings banks. Due to approved reserve agents. Dividends unpaid. Individual deposits. United States deposits. t138, 134,/401. 59 $175,774.50 $11,243. 49 $206,178. 49 $231,970,87 $26,046.85 $1,387,107.37 18,437,659. 37 239,395. 73 116,2141. 54 * 8,651. 3(1 705,997.01 9,853.66 1,856,770.09 5,505. 1)4 17,906,474. 13 108,248. 18 .99 39,757. 16 101,674. 47 1,018,029. 43 126,979,972. 72 30,188.23 141,906.85 6,791.313.56 1,362,993. 13 587,040. 77 553,245. 96 177,497,569. 44 2,876,122. 43 8,257.58 311, 268,713. 45 5,377,824. 19 43,(18:3.817. 17 6,472,2'26. 67 5,848.75 28,986,798. 93 168,611. 97 465,414. 15 467,744.62 108,771. 98 .1,538,709. 13 65, 429,389.57 292,317 97 904,573. 40 465,878.80 !15,423. 98 14.5,146. 39 3,655,220. 13 473 3721 665• 75_ 4,002,377.63 85,118. 37 39,267,714.59 6,220.890.02 59.330,9(16. 88 9,128,667.94 314,400,683.68 295,756. 25 862,612. 98 4,638,627.85 .5, 116,272. 22 11,023,527. 72 3,367,982.69 128,068. 47 776,964,5.54.82 1,732,556. 18 348,583,152.35 103,982,960. 57 244,495,324.89 2,446.00 14,202, 462. 44 176,637. 51 20,716,315.80 3,130,649. 22 8,171,597. 39 2,851,708.94 939. 50 19,419,27(1. 29 113,709.63 257,941. 32 222.309.05 249,569. 91 6,756. 102. 70 100,401. 36 172,652,304. 97 4,645,448. 49 501,288. 27 1,068,442.31 10,196,944. 27 1,776,531.80 414,052,112. 52 138,818. 59 556,085. 96 3,855,924. 90 992,561.60 636,373.03 2,415,895.52 20,15.5,85 191,285,644.68 511,998. 46 79,928,560.82 13,521,225. 60 61,601,944. 94 11,415,217. 10 56 7,388. 122,383,718. 69 308,000.00 43,128,424.86 8,377,296. 13 26,977,901.81 2,581,165. 11 1,333.30 9,(120,954). 96 308,526. 79 35. 573. 19 108,954.99 30,132. 10 532,903.00 04 34, 31,690. 925, 217. 12 593,240. 21 73,882. 33 90,423.74 107,784. 40 80,011.59 54 25,804. 47, (177, 270. 81 593,41(1. 15,269,316.69 220. 74 138. 40 62 4,374,208. 40 165, 1,818, 7, 925,7(15. 70 19,642. 49 7,724.00 115,0)0.00 1,141. 15 21,661. 18 1,775. 50 24,984,764. 74 2,609,498. 46 2,323,299.82 201,916. 20 21,330.87 1.840,688. 34 762.301.96 2, 142,894,667. 42 8,362,S52. 26 524,232,790. 12 141,131,828.09 . 381,290, 136. 24 24,764,994.89 4,719,098.51 80,070,995.20 1,070.197. 56 5,877,554.50 1,093,619. 11 412,107.40 —12,469.05 6,124.53 1,190,361.20 (18,387. 14 45,651,421. 50 237,963. 36 1,842,584.08 436,995.28 13,963.52 1,827,512.91 25,984,285.92 175,242.08 466,558.25 3,0'25,650.10 242,917.60 17,126.00 784,813.39 353,374.43 20, 167. 78 18,722,254.97 168,863.00 2,(Y27,678. 58 1,724.669.52 2,343. 777.93 35,252. 70 547,247. 18 376,327.85 203,429.34 41,937,087.06 36.(0) 505,581.77 202,905. 14 1,088,296. 37 30,192. 76 128,907. 25 1,518,679.72 3,646,5(19.30 2,480. 25 336,164.91 29,635,299.83 13,386.02 324,642.58 1,291,793.48 33.217,709.54 912,454.39 123,894. 30 7,382.50 82,587. 12 ' 257,495. 52 108,753. 43 2,420.00 13,207, 165.67 489,544. 10 452,214.01 9,765. 19 42,052. 77 5,223.66 1,459, 100. 37 1.595,455.97 333, 142. 77 14,871,9115. 42 29,040.45 7,0(10.00 4,821.684.53 3,971.00 2,653,914.22 1,735,844. 70 381,369.85 19,826,315. 72 225,751. 95 4,609,299.80 15,029.53 3,711,992.87 529,626. 4:3 823,983.54 98,834,114.60 440,892.51 3,251,723.50 1,352,945.89 2,163.00 16,331,318.83 171,537.69 7,735. 18 406. 72 3,390,000. 77 1,305, 160,477.99 10,185,779.05 2,000.00 580,788.60 608,653.06 655.82 4,040,490.39 13,801.30 6,139,475. 42 227.54) 2,873.232. 13 1,154,055.42 110,500.93 21,085,115. 61 46.4311. 30 1,406,937.98 623,481. 16 1,959.00 421,277.30 73,396.45 9,405,042.38 389,817.79 284,653.87 5,4:31. 19 200.00 4,250,094. 14 27,768.31 ' 1,080,744.27 2,122,945.291 :413,456.84 4,956.38 17.032,446.02 i148,066.47 421,678.68 663,385.58 16,761.'22 195,89(1.88 31,77(1. 74 38,890,818. 2:3 • 667,5:35. 21 5.987,353. 11 5,506,009.30 1,29:3,:320. 96 11,064. 16 18,968,809. 14 ;4849,453. 78 588.36 4,571,527.02 5,657,003.77 1,442,415.34 9,602. 50 68,494.34 55,135,881.87 449,235.96 51.781,395. 77 49,327,797.95 11,496.578.33 2,317,102.86 108,412. 50 618,372,767.46 5,922,985.56 -1,922,762.32 3,147,469.07 3,851,423.96 72,506. 11 39,590.04- 182,264,034. 11 478,881. 11 16,775,559.04 7,541,160.65 1 7,211,833.00 104,061.81 8,706.00 44,294,513.25 1,187,969.42 11,938,481.89 9,309,379. 45 14,440,020. 28 579,029.21 6,628. 50 39,959,254. 28 211,819.94 1,815,254 15 1,767,938. 33 842,009.46 2,284.95 20,087,820. 26 66,711.01 2,043,729.86 4,004,113.36 2,898,191.06 9,562. 16 3,327.84 110,246,985.52 1,088,165.00 8,910,905.79 4,572,141.03 2,512,455.95 14,143. 48 3,395. 50 23,647,127.02 196,164. 15 2,155,146.01 7,892,:346.20 1,302,802.09 24,153. 19 26,594.75 187,015,259.83 3,097,711.83 158,709, 171.82 79,693,973.88 14,039,412.87 6,659. 50 202,715,945.68 659,895.60 1,106,903. 77 2,515,665.02 1,785,672.65 131,529.25 6,632. 75 82,180,468. 53 429.403. 33 5,059,681.61 6,459,425.64 5,292,093.20 328.04 41,262.29 31,620,856. 18 286,410.30 435,828.07 2,409,507.08 275,503.60 14,648. 15 4,624..50 84,300,766.93 190,494. 30 5,530,470.48 5,652,078.92 724,326.00 400,787.89 603.00 39,986,458.57 429,593. 10 2,187,8W.139 3,434,519. 15 114,363.98 2,738. 18 13,630. 29 93,470,816.86 175,676.83 12,655,599.62 9,793,388. 43 1,3(13,392.60 1,458.00 38,002,026.53 98,452.74 8,047,876.69 4,139,889.35 912,600. 41 120,771.00 24,021,724.87 482,978.46 2,814,483.77 4,605,840.95 6,426,964.07 55,912.96 17,579.50 93,400,313.35 242,452.00 2,443,565.05 1,706,354. 56 2,165,623.82 259.27 15.00 2,704,237.41 30,188.25 547,471. 13 3, 2,864,994.58 2,540,908. 71 150.00 6,989,323. 36 179,018.91 414.058.71 477,467.66 357,350 83 2,180. 14 2,101,150.98 40,025.08 2,486,718.32 3,019,356. 13 827,045.21 6,265,898.53 106,418,72 234,011.44 2,292,583. 43 63,6.56. 55 10,217.82 15,047.00 27,420,649.69 17,0(0).00 30,221,083.27 19,(124,652.53 5,863,513.09 219,147. 16 1:36.00 38,838,373. 71 370,877.78 3,147,940.43 4,571,498.55 342,73(1. 74 , 46.0(1 6,482,895. 14 110,673.73 65,012,347.84 29,232,529 64 5,471,966.06 I 85,287.25 70.789,747.50 505,112. 25 349,616,901.97 220,728,.273.59 _ 81,625,859. 19 I 1,675,904.75 369,729.73 1.458,80(1,648.09 10,682,093.84 459,03)).86 1, 212,499. 14 30,889. 47 659. 7710,026.00 24,707, 450. 19 228,845. 23 708, 221. 11 2,717,072.99 150. 119.54 6,250.00 27,931,849. 55 405,134. 70 739,334.91 3,547,969. 50 156,(113.11 2,074. 44 2,761. 26 52,370,923. 18 43,840. 44 1,717, 799.52 2,034,900. 86 125, 147. 38 11. 00 4,888,915.08 23,376. 27 10,688,962. 70 6,892,893. 13 197,600 58 3,327. 25 26,801,2)1. 37 599,834. 10 2,887, 285.57 2,063, 439. 30 37, 168 06 37,500.(X) 5,39S,081. 18 1,000.00 1,064),568. 42 4, 247,1)92. 48 167,8145. 36 8,632.38 29,551. 49 54,515,962. 21 319, 267. 90 1,237,5(38.07 2,042,380. 38 244,698.81 399.00 ; 2,859,951). 91 1,000.00 431, 229. 24 266,983.96 5,085 52 3, 143,506. 48 102,893.07 1,086. 470. 12 1,1119, 122. 66 94,250. 94 938.00 4,574,796. 11 3,000.00 1, 143,780. 11 925, 711. 94 183, 198. 45 40.31 3,895.01 29,656, 755.04 459,724. 57 287,338.92 476, 724. 87 108, 110. 75 300.00 11,(113, 433. 19 237, 251. 70 576, 189.94 384,1114. 64 715,710. 33 4,818. 42 1,636. 91 37.083,071.83 83, 148.00 9,137, 214. 94 1,962, 223.14 2,(115,1127. 10 229. 25 38,332, 472. 87 926,562.69 1,846,60(1. 31 591, 400. 10 660,323. 93 6,3.52, 423.09 30,0614. 71 697,349. 12 433, 146. 15 174,385. 14 1,671.62 320.00 12,639, 189. 91 151, 197. 52 1, 458, 121. 31 1,839,951.59 74,853. 81 15,621. 42 3, 139.00 39,569, 253.02 225,727. 78 261,997. 45 376,846.96 4, 414,694. 49 104,948. 17 1,907, 777. 24 1, 459,006.98 4,660. 39 756. 76 14, 269. 403. OS 181, 47.5. 26 - 38,332,845. 86 35,093,980. 77- 5,746,328. 67 34, 275. 12 100, 237. 17 395,122,832. 78 4, 136, 246. 11 182,104.77 451,678.89 385,0111.46 2'2, 413.59 28l.001 26,771,740. 71 102,1459. 78 3,123,745.40 3,336, 183.36 1,745,248.17 2,330.00 31,298,799.08 1,067,066.13 1,475,016.97 1,801, 149.47 435,723.83 189.(X) 15,8.59,210. 15 83,.506.37 429,794.82 392.1010.63 70.00 6,475,868.94 125,7(10.47 253.294. 2.5 320.021. 28 119,964. 20 3.906.66 1, 302.59 241,012,S 9'4,90'4 56 :4,867,2711. 32 3,473,750. 12 1.086,311. 34 1,090.(1C 21,377,010. 12 674,537. 13 2,359,229.50 3,047,5(16. 28 3.900,538.22 857,466.22 54,457.11 95,628,726.27 267,663.80 , 6,098,393. 20 7,690,781.83 3,721,957. 73 3,617. 74 37,62.5, 426.38 156,154. 79 15,837,(159.56 28,717,627. 18 12,730,788.26 2,590.88 284,11(13. 50 83,492,956. 89 533,101.11 444,699.00 539,(101.54 54,928.99 300.82 1,85.5.00 15,215,040. Si 110,730.22 266,904.6.3 344,804. 41 131,294.04 400.00 6,093,641. Os 172,375. 16 . 1,482,548. 14 923,092.81 (157,318.57 6,965.69 15,:130. SO 8,437,569.92 117,509.99 197,999.03 333,751. 41 3.53, 167.44 1,290. 77 211.00 5,614,529.42 34,250. 44 154,409.93 200,939. 16 121,597.55 5(1.10) 7,357,385. 75 140,634.28 67,872.44 1,458. 26 42,310.01 (14i.()0 622,917.25 171,736.08 ' 36,240,341:96 47,669,242.53 29,412,723. 99 937,310.64 365,913. 74 387,883,690.140 a,-931,889.51 , 6,779.43 29,366.89 11(1.110 1,327,837.(01 128.369.40 210,047.09 6,779.43 29,360.89 110.00 1,537,884. 15 128,369.40 1,039,478,769.70 5(0),201,379.84- 568,902,103. ao 38,858,256.20 1,851,823.47 5,477,991, 156.45 37,166,814.31 1 Statement of Mar. 7, 1911. Showing Their Condition at the Close of Business on Wednesday June 7, 1911—Continued. Deposits of United States disbursing officers. LIABILITIES—Continued. • F Bonds borrowed. $87,339.95 $75,000.00 59,291 41 12,849. 27 140,450.00 146,309.90 145,5(8).(X) 196,427.57 837,000.00 59,335.49 17, 194.07 30000.00 578,747.66 1,227.950.00 171,543.83 219,000.00 368,631.01 9,826,650.00 3.048.24 84.744. 10 126, 143.29 91,640.43 24,500.00 92.380.35 425,571.41 925,000.00 22,632.32 , 106.40 I 23,369.49 973,000.00 114.551.54 2,088,000.00 1,524,362. 41 14,056,150.00 -499,533. SI 1,142,400.00 181,886.49 193,188).00 79,075.71 308,000.00 37,130.48 6,000.00 284,335.82 30,000.00 46,748.90 145.573. 18 137,000.00 87,906.79 18,000.00 16,203.25 38,000.00 2,002.90 28,248.05 1,320,400.00 394,621.98 35,000.00 9,040. 19 Notes and bills rediscounted. $11,185.00 61,061. 59 6,000.00 168,137.96 30,000.00 276,954. 55 321,309. 51 452,856.91 313,231.53 20,225.00 29,510.00 11,030.00 Bills payable. $382,887.50 105,(XX).00 101,(X)0. 00 617,460.:0; 1,:300.00 230,0(X).00 312.563. 73 1,750,211.59 883,613. 2ti 50,000 00 1,754,000.00 1,346,150.00 100,000 00 135,0(8).00 179,000.00 433,000.00 1,860,000 00 77,500.00 1,148,162.95 6,818,263.26 1,093,838.47 1,114,972.50 149,514.35 232,4153. 89 1,511,982.59 1,341,370.00 404,672.72 1,340,727.86 851,315.71 4,534,159. 17 499,708.93 162,265.95 356,500.00 153,909.04 1,499,250.00 10,000.00 125,000.00 159,800.00 312,500.00 550,000.00 882,822.67 3,881,713. 20 44,347.30 200,000.00 33,500.00 116,500.00 5,563.70 200,000.00 152,136.50 10,583. 27 113,2(X).00 125,000.00 33,621. 41 36,5(8).00 1,175. 74 120,000.00 69.011.89 703,700.00 142,489. 39 479,949.54 234,86.5. 42 127,488).00 200. 234.98 3.000.00 364,450.25 294,700.00 2.031.072.4)2 4,498,000.00 6,034.9:36.88 16,924,705.09 143.844.09 3,317,916.00 - 198,328.44 771,125.00 3,482. 47 3,716,8(x).00 362. 87 46, 2,786,000.(x) 50,000 00 36,288.99 177,000.00 317,000 00 90,004..59 377,80().(X) 14,307.00 126,500.00 187,731. 28 3,012.540.(X) 83,027. 48 171,000.(X) 89,982.81 679,100.00 204.376.417 679,000.00 95,891. 44 6,7(8).(X) 40,591.91 50,000.00 164,86.5. 49 200,000.00 85,973.82 38,848.38 234,000.00 236,076.67 , ' 50,608. 23 9,000.00 30,835.95 532,410.99 69,612.35 450,000.00 310,483. 77 100,165. 27 6,060. 21 1,400.00 98,024.92 1,28)4,600.00 811.75 21,190. 27 6,073.4)1 20,581. 28 16,344.99 15,000.00 .531,750.(8) 20.3, 750. 20 50,(XX).(X) , 1,008. 14 31.829. 541 1,232,790.(X) 340. 22 16,2:38, 111.27 525,919. 41 4,630,48.5. 99 75,716.04 233,773. 42 1,486,800.00 141,790.98 48,006.85 249,372.50 26,533. 57 40,000.(X) 221,657. 42 377,611.60 28,483. 37 387,763. 26 183,155.54 30,0(8). 00 139,751.28 243,0(8). 00 25,0(X). 00 25,OW.00 41, 187.00 115.565.80 124,647. 57 674.992.22 217,000.00 262,066. 45 17,1)00. 00 14,500.00 I 139,762.04 35,018). 00 1,122, 165.96 1.064,351.38 44,100.00 4,668,(8)8. 73 83,000.00 106,200. 00 317,500.00 84,000.00 987,500.00 107,875.00 401,500.00 15,000.00 CLASSIFICATION OF DE POSITS. Reserved for taxes. $2,058. 15 257. 13 116,382.68 427,348. 39 7,203.48 111,842.01 665,091.84 296,lin. 17 2,270,577.89 18,350 00 25,703.57 38,927. 18 33,591.66 20,725.02 180,739.54 4,191.87 16,040.84 9,324.86 2,914,274.60 107,602.01 3,500.00 2.59.47 24,446.85 16,134.42 16,434.78 44,715.S3 27,489.66 17,332.95 106,175.09 21,101.07 37,939.69 5,737.43 7,945.29 91,576.61 18,032. 13 48,127.10 594,5..50. 38 127,080.60 62,806.58 74,8.56.84 33,411(1. 25 66,157.79 94,081.29 20,047.59 460, 1415.8! 25,031.40 49,642.92 121,8i1.3. 44 79,561.07 68,644.23 25,277.65 5.5, 136. 17 03,779.77 15,188)18) 10,000.00 19,354. 44 19,831.87 292.64) 189,850.(X) 1,612,158. 31 146,113.00 596.30 161,689. 93 21,709. 86 47,614.83 123,569. 89 2-,182,032. 53 1:01.(MO.(8) 281. 500.00 40,48)0. 00 274,337.6r) 235,500.00 7,0(8). 00 10,3.54. 25 Individual deposits subject to cheek. Other $36,344,824.61 $1,057,758.05 16,416,304.30 1,725,489.78 16,269,343. 56 1, 132,443. 73 12'2,719,595.08 3,224,003. 41 171,066,039.91 1,661,823.98 185.78 25,036. 525. 12 3,790,822. 72 18,477.84 63, 126,072.09 1,591,106.64 186.399. 17 450,978,705. 27 14, 183,448.31 280,218.55 204, 169,136.98 47,600,779.84 65.5,939,210. 61 7,998,882. 41 14.039,375. 50 37,332 45 18,731,196.59 41,172.94 153,324.34 104,394,476.69 4,849.685. 71 68,704.63 310.225,841.50 51,300,598.73 186,810,934. 71 1,527,415. 48 28,880.86 1,247,844.47 117,600,091- 93 9,311,936. 71 65,510.64 725.76 31,810,066. 19 1,435,854.44 45,212,2(13. 15 251,535.83 921,297.60 250,000.00 24,599.377. 25 236,544.52 781,854. 14 1,843,765,145.41 116,593,157. 46 82,999.72 64,827,949. 34 9,543,784.94 5,804. 41 29,410,019. 39 2,829,725.39 1.56.41 19,222,009. 32 2,693,761.90 24.06.5. 34 17,432,081.98 457,552.96 27,209. 29 36,410,266.65 2,000.794. 42 78.3,612. 14 129,761.65 590. 15 26,511,541.6(1 1,350,182.32 14,154. 26 29,86.3,042. 79 1,127,608.16 29,823.74 10,581,319.73 233,758.36 133.52 1,411,088.02 12,438,850. 4:3 2.500.00 18,525.00 19,230,970.32 47,845.05 3,160,012.07 89,465,84.5.7:3 2'2,552.63 22,863.89 15,762,179. 50 9,750,610.09 335,955.88 257,471). 55 3,762,345. 28 23,885.17 678,44(1. 12 18,974,213.66 80 343. 874, 197,945.65 8, 105.00 3,523.96 4,073,804.09 1,558. 49 2,509,938. 25 13,309,488. 14 955.33 33,425,140.08 1,404,364.29 815.298.70 14,414,203.(8) 80,000.00 42.699,946. 22 6,095,683.93 :464.338.51 - 521.'Z23.783.28 37,278,0441. 41 91,694. 16125,350,5.52. 18 36.384,014.76 29,683. 11 42,38.3, 435. 28 1,312,640.08 324.25 543,763.81 39,189,520.99 1,761,120.96 14,532,439.83 12,372.58 71,330.629.83 33,206,653. 37 1.392,287.81 21,898,340.80 46.950.95 126,298,364.46 28,229,086.79 5,011.715. 47 ISO.288,197. 35 5,060. 45 59,010,428.70 19,080,615.82 4,873,148.35 20,507,70.5. 25 76,037. 45 43,144,783. 79 13,539,919. 29 130,947.00 30,932,268. 5(1 7,254,726.65 112,758.66 1,156,635.89 45,404,030.44 220,000.00 3,456,167. 17 33,412,812. 45 1,5(19,953.97 19,976,303.55 7,448.89 44,885,04:3. 36 16,988,341).92 2,925. 10 50,447.63 1,712,931.65 745,670.67 6,218,271. 23 9,740.81 1,178,770.54 85,201. 43 4,325,0(C. 14 288. 11 613,919. 74 21,656, 127.64 2,614,215. 11 31,169, 182.417 534,821.93 5, 111, 114. 18 27,407.90 171,044.05 50,720,460. 72 763,898.61 1,058,636,721.51) 180,577, 122.08 1,094.68 15,521.07 12,500.00 4,618. 40 14,572. 38 871.99 , 49,214. 33 24,967 23 11,032. 85 870.74 42,1)54. 89 10, 428.39 9,410. 00 339,721. 70 15,579. 49 9,000.(X) 22,9415. 28 1,310.00 6,732. 75 29.97.5. 00 19,227. 45 63,943. 22 170„571. 38 9,620. 97 12,767. 38 4,000.00 94.66 1,970.00 100.000.00 9,948. 18 590. 40 239.78 6, 161.60 5.97 492. 33 54,561.03 201,115.04 1,520. 70 12,174. 10 192,269. 47 510,331. 90 29,390 00 11,761. 47 411.33 557,037.50 258, 175.(X) 1,898,854. 25 367,757..58 757,862.06 11,288,827.23 36,858,748. 77 9,308,500. 17 36,690,528.91 6,493,5.14. 41 3,055,467.53 240,074. 22 - 46,074. 22 Demand certificates of deposit. $68,881.93 40,494.39 300.00 58,059. 23 1,779.65 24,368. 10 33,933. 75 , 4,877.64 ' 66,842. 29 21,000.00 18,871).07 48,106.93 282.043. 13 48,805.83 140,445.67 247. 159. 75 42,723.06 151, 239.78 171, 111. 58 14,786.59 19,733. _ 09 2,009,598. 17 100,361. 91 709,609. 13 66,880.03 99,239.53 15,474. 22 517, 7181 95 23,996. 10 147,467. 8.5 5 803,046. Os 11,:339, 273.64 1,638, 166. sr) 12,356, 116. 16 6,226,372.67 28,207,669. 46 236,660.85 4,232,737. 57 244,653.04 20,443,006.90 3,645. 20 3, 107,408. 21 5,219,136.99 38,326,742.86 364. 278.71) 2,381,333. 36 341, 261.98 2,796,703. 30 439,913.00 3,836,691.1 2 2,690,392. 48 19,338,962. 32 237,208. 16 7,026,188.94 4,146. 221. 40 24,421,403. 15 8141,2(12. 87 27.852,620.80 863,128. 54 3,708,701.72 328,746. 17 8,655,652.09 1,677,854. 46 33,408,030.97 106, 451. 28 3,476,486. 72 82.030.99 7, 405,3:53.09 262.321,062. 38 26,-465,431.80 1,253,773. 39 22,080,509. 14 463,280. 29 25,444,042. 86 1,872,931. 79 13,646,395. 22 63,400. 47 6,127,(X)1. 75 2,143,023. 81 20,823,997. 18 1,854,180.00 18,879,)431. )42 6,s37,0tn. 53 79,903,264. 78 818,749. 05 3.5, 228,847.68 75,860,029. 33 2,343,482. 93 1,863,494. 9.5 10,)409,609. 28 98,614. 27 4,518,770. 07 182,429. 96 7, 113,050. 54 4, 117,794. 10 708,98.5. 49 6,776,962. 77 184,997. 91 594,(X40. 94 25,659. 50 331,924,107. 46 20,734,6M.34 1,195,729. 55 94,005. 15 209,947.09 100.00 1,405,676.64 94,105. 15 4,470,255,202. 0.3 395,925,966.55 I Statement of Mar. 7, 1911. Time certificates of deposit. 401,866.96 88,860.99 412,992.40 239,182.06 Certified checks. Cashier's check outstanding. Total. $112,794. 16 $217,557.81 $38,134,801. 59 36,142. 42 170,861.88 18,437,659. 37 7,735.98 83,958.46 17,1881,474. 13 423, 104.94) 374,086.67 126,979,972.72 3,134,868.76 1,634,830.79 177,497,569. 44 60,500.00 541, 172.61 42,778.48 28,986,798.93 45,000.00 535,962.30 131,248.54 65,429,389.57 1,248,402.4.1 4,306,781. 13 2.655,328.63 -473.372,665.75 1,710,253.33 640,488.51 280,025.02 314,400,683.68 293,307. 19 83,705,161.07 29,027,993.54 776,964,554.82 107,035.73 18,718. 76 14,202,462. 44 246,(18.3.46 400,223.30 19,419,276.29 1,964,507. 20 1,079,055. 19 364,580. 18 172,6.52,:304.97 51,169,624.22 431,246.60 924,741.47 414,052,112.52 597,249.71 440,086.35 1,909,958.43 191,285,644.68 1,469,318.48 412,981.57 1,653,482.24 122,383,718.69 207,232. 57 35,221.37 1,049.67 9,620,950.96 1,627,195.02 30,906.34 21,195. 13 34,925,217. 12 517,940.00 577,659.60 517,932.23 47,077,270.81 4,408. 10 925,705.70 9.260. 57 129,533.31 10,049.09 24,984,764.74 59,56.5.948.29 8- 7,840,467.26- 35,129,949.06 2, 142,894,667.42 5,175,404. 47 373,339. 22 150,517. 23 80,071),995. 20 13,312.067.17 31,115. 28 68,494. 27 45,651,421.50 3,815,558.55 58,054. 71 194,901.44 25,984,285.92 739,555.82 36,169.50 5(1,894. 71 18,722,254.97 909. 86 3,268, 59,464.69 197,651.44 41,937,087.06 174,352.03 467.4)7 10:3.48 1,088,296.37 1,502,963.71 34,044.67 236,567.53 29,635,299.83 2,094,789.88 82,078.03 68 50,254). 33,217,769.54 2,356,300.58 11,769. 15 24,017.85 13,207. 1(15.67 920,309.86 36,737.59 64,979.52 14,871,965.42 371,778.55 73.726. 29 131,315.56 19,826,315.72 5,294,422.41 83,202.35 8.30,632.04 98,834,114.60 175,902.59 24,532. 73 345,840. 12 16,331,318.83 44), 221.82 22,273. 23 36,718. 0:3 10, 18.5, 779.05 8,800.00 500.00 11,374.56 4,040,490.39 1,104,182.61 22,115. 20 306,157.96 21,085,115.61 229,359.70 23.300. 16 9,405,042.38 80,093.07 148,134.22 12,791. 46 11,840.41 4,250,094. 14 1,143,319. 44 2(1, 782.90 42,917.29 17,032,446.02 3,953. 426.94; 58.3. 72 46, 61,303. 18 38,890,818.23 3,658,029.70 61,2)2. 11 20,075.63 18,968,809. 14 5,926.811.90 93,013.06 320.426. 76 5.5, 135.881.87 55,414.601.83 1,213.263. 18 3,243.072. 76 618.:372. 767.46 20,013,149. 40 311,304.64 205,013. 13 182,264,034. 11 161,477. 17 436,960.72 44,294,513.Z 28 413. 158, 67,556. 20 39,959,254.28 3,679,464. 14 74,033.94 40,761.39 20,087,820. 26 4,972,263.29 621.593.60 115,845.43 110,246,985.52 94,768.40 261,730.01 2.3,647,127.02 31,988,691.67 133,183. 20 365,333. 71 187,015,259.83 3,706,672. 45 2,139.689.77 5,569,670.64 202,715,945.68 3,994,827.89 55,217.34 51,378.78 82,180,468.53 144,321.82 93,080.76 31,620,856. 18 26,976,001. 25 549,690.76 90,371.84 84,3(8),766.93 1,346,208. 76 155,427. 5.5 297,827.05 39,986,458.57 45,843,135.85 991,57:3. 67 75,441.01 93,470,816.86 136, 226. 42 233,544.32 763,276. 17 38,002,026.53 1,796,492.84 71,781.91 607,192.60 24,021,724.87 31,256,397.641 88,055.81 182,4416.60 93,4110,:31:3. 35 916,720.86 3,226.67 20,910.60 2,704,2:37. 41 23,924. 15 1,457.31 6,989,:323. 36 899,512.07 450.)4.5 12,676.71 2,101,150.98 1,808,535. 83 14,896.33 32,198.80 6,26.5,898.53 5,067,914.69 9,681.73 73,005.89 27,420,649.69 4,106,887.68 57,946. 19 890, 142. 011 38,838,373. 71 710,714.55 2,698. 31 123,5441. 17 6,482,895. 14 12,351.284. 17 29,477. 73 1.516,MO.23 70,789,747.50 201,571, 101. 47 -5,210,246. 48 12,811,456. 47 1,-458,806,648.(V -12,046,057. 10 339,040. 56 180,0:42. 81 24,707,450. 19 13,708,057.06 108,505. 19 121,004. 29 27,931,849.55 17,718,361.99 77,699.53 140,819. 53 52,370,923. 18 235,751.89 20,052.04 163. 212. 73 4,888,415.08 5,222,510.91 131,920. 17 759, 110. 35 26,801,201. 37 1,590,737. 57 2.3, 343. 12 672,947.08 5,398,081. 18 10,660,485. 27 91,599.50 217,997. 59 54,515,962. 21 57,162. 42 1,181.50 55,994. 84 2,859,950.91 269. 25 5,271.95 3,143,506. 48 233,308. 34 19,582. 33 45,301. 32 4,574,796. 11 7,391,936. 26 40,384. 74 195,079. 24 29,656,755.04 4,283, 190. 25 11,1)50.00 54.895.84 11,613,433. 19 8,130. 101. 49 128,1180. 73 256,665.06 37,083.071.83 9,056, 170.85 118,696. 17 488,722. 18 38,332,472.87 1.673,973. 15 4,041.94 102,577. 74 6,352,423.09 3,531,678. 34 10,505. 18 112,6(18. 13 12,639, 189.91 4,06.5, 502. 79 114,423.98 303, 440.82 39,569,253.02 76.3,600. 88 10,120. 61 58.035.00 4,414.694. 49 648.:395. 28 30.656. 71 102.987. 01 8. 269. 403.08 101.016.981.84 1. 282.653. 25 4.036,703. 51 395-,122,832. 78 3,345,286. 74 48,285. 12 43,886. 32 26,771,740. 71 4,79.5,858.02 261,023. 84 334,594.07 31,298,799. 08 171,508.09 23,614. 36 144,760.69 15,8.59,210. 15 247,483. 5:4 12,658.90 25,324. 29 6,475,868. 94 2,892,891. 89 13,949. 31 138,966. 14 26,012,828. 33 188,212. 01 129,674. 8.3 325, 105. 46 21,377,010. 12 7,90'2,324. 15 344. 791. 57 1129, 7o0. 24 9.5,028. 726. 27 177,514. 77 1,400,314. 88 37,625,426. 38 3,319,895. 38 1,053,593. 27 915,955. 98 83,492,956. 89 2,412,914.46 31,454. 12 97,607. 70 15,215,080.51 1,398,289. 31 15,764. 53 62,202. 90 6,093,641.08 994,520. 93 42,745.91 104,822. 58 8,437,569. 92 735, 139. 73 10,901. 51 41,708. 59 5,614,.329.42 324,343. 68 10, 199. 22 60,882. 17 7,357,385. 75 2,000.(X) 5(17. 01 749.80 622,917. 25 28,730,667.92 2,176,678. 27 4,317,.581.81 387,883,690.80 35,509. 93 1,993.84 ----- 598.59 1,327,837.06 210,047.09 35,509.93 1,903.84 598.59 1,537,884. 15 ." 447,583,213.69 102,032,083.30 62, 194,690. 83 5,477,991,156. 45 STATES, TERRITORIES, AND RESERVE CITIES. Maine. New llanipshire. Vermont. Massachusetts. Boston. Rhode Island. Connecticut. N.Eng.States. New York. New York City. Albany. Brooklyn. New Jersey. Pennsylvania. Philadelphia. Pittsburg. Delaware. Maryland. Baltimore. Dist. of Columbia. Washington. Eastern States. Virginia, West Virginia. North Carolina. South Carolina. Georgia. Savannah. Florida. Alabama. Mississippi. Louisian a. New Orleans. Texas. Dallas. Fort Worth. Galveston Houston. San Antonio. Waco. Arkansas. Kentucky. Tennessee. Southern States. Ohio. Cincinnati. Cleveland. Columbus. Indiana. Indianapolis. Illinois. Chicago. Michigan. Detroit. Wisconsin. Milwaukee. Minnesota. Minneapolis. St. Paul. Iowa. Cedar Rapids. Des Moines. Dubuque. Sioux City. Missouri,- AACI7 Kansas City. St. Joseph. St. Louis. Mid. W. States. North Dakota. South Dakota. Nebraska. Lincoln. Omaha. South Omaha. Kansas. Kansas City. Topeka. Wichita. Montana. Wyoming. Colorado. Denver. Pueblo. New Mexico. Oklahoma. Muskogee. Oklahoma City. Western States. Washington. Seattle. Spokane. Tacoma. Oregon. Portland. California. Los Angeles. San Francisco. Idaho. Utah. Salt Lake City. Nevada. Arizona. Alaska.' Pacific States. Hawaii. Porto Rico. Island possessions. United States. Specie and Circulation of National Banks on June 7, 1911. CIRCULATING NOTES. SPECIE. CITIES, STATES, AND TERRITORIES. 3 y. New York City Chicago St. Louis Central reserve cities. Boston Albany lirookivn Philadelphia Pittsburg Baltimore Washington Savannah New Orleans Dallas (Fort Worth Galveston Houston San Antonio Waco Louisville Cincinnati. Cleveland Columbus Indianapolis De!rol t Milwaukee Minneapolis St. Paul Cedar Rapids Des Moines Dubuque Sioux City Kansas City, Mo St. Joseph Lincoln Omaha South Omaha Kansas City, Kans Topeka Wichita Denver Pueblo Muskogee Oklahoma City Seattle Spokane Tacoma Portland Los Angeles San Francisco Salt Lake City Other reserve cities All reserve cities Maine New 11ampshire Vern)on t Massachusetts Rhode Island Connectlent New England States New York New Jersey Pennsylvania Delaware Maryland Dtstriet of Columbia.. Eastern States Virginia West ‘'irginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Southern States OhioIndiana N1640" in isconsin Minnesol Iowa Missouri Middle States North Dakota South Dakota Nebraska Kansas Montana W von ling Color:010 New Mexico Oklahoma washilnIg 'etsotnern Slates Oregon California Idaho Utah Nevada Arizona Alaska I Pacific Stales I !await 1'orto Rico Island possessions Total States, etc Total United States Number of banks. (;old coin. Gold Treas- Clearingury certifiGold house cates to Treasury certificates order (act certificates. of Mar. 14, (see. 5192, U.S. R. S.). 1900). Silver dollars. Silver Treasury certificates. Fractional silver coin. Total. Received from comptroller. On hand. Outstanding. _ $5,866,523.00 $140,61 i,580 *24,020,0(1) $54,325,000 40 $45,902,857.50 $47,796,600 $1,893,742.50 $50,340,912 $51,136 $1,2(6,131.91 $276,451,282.91 101, 6, 14,444,395.04) 437.00 11 602,605.00 32,517,930 15,137,0(4) 5,435,000 2,200,000 176,187 385,911.05 18,351,098 65,167,563.05 8 4,040,785.00 17,036,437.50 15,116 280 268,3,52.50 480,000 106,335 116,597.00 6,378,284 17,304,790 26,238,301.00 ---19 -16-4068,145.00 188.245,790 29,93.5,060- 56,525,OM 77,383,690.00 2,A54,700.00-. 333,678 75,070,294 1,768,009.96 367,887,146.96 ---780,238,390 _ - - - --20 1 241 454.00 9,414,340 7,603,577.50 450,18)0 144,422.50 4,450,000 1,512,389 461,974. 75 8, 149,604 7,748,000 25,679,761.75 3 537,721.50 1,535,84() 2,000,34(1.00 60,(8)0 99,660.00 2,100,000 7,057 96,319 50,848.05 2,307,785.55 18.5,870.00 5 973,650.(X) 1,043,400 13,350.00 5,400 1,386,660 120,9:32. 85 987,000 2,742,262.R5 33 2,095,477.00 5,858,810 12,500,000 15,829,027.50 252,972.50 164,309 8,025,000 6,107,290 490,519.59 16,082,000 35,238,405.59 24 3,582,385 00 8,876,030 1,900,000 16,347,167.50 276,832.50 3,556,315 231,018 549,432.00 18,695,150.00 16,624,000 17 400,750.00 2,274,720 7,829,690.00 370,000 10,000 170,310.00 8,000,000 58,386 2,480,519 113,398.88 5,707,773.88 55,83.5.00 10 1,947,260 5,123,457.50 131,542.50 619,748 5,255,000 7,973 65,963.00 2,696,779.00 24,537.50 2 27,000 650,000.00 40,283 14,680 23,985.00 650,000 130,985.50 27,308.50 5 1,546,830 3,278,697.50 435,000 14,865 472,693 29,566.54 53,802.50 3,332,500 2,526,263.04 382,350.00 4 910,870 2,529,250.00 4,750.00 154,126 390,620 2,534,000 1,906,658.85 68,692.85 452,4(15.00 8 2(10,000 1,615,250.(X) 105,987 122,3'23 16,750.00 118,959.40 1,059,674.90 1,632,000 3 58,795 00 230,800 373,600.00 37,009 71,593 81,023.90 1,400.00 479,220.90 375,000 6 574,980. DO 1,12'2,610 2,628,350.(X) 186,821 422,021 222,488.38 2,528,920. 38 2,628,350 375,225 00 6 525,820 1,952,800.00 142,400 269,021 91,028.35 12,200.00 1,403,494. 3.5 1,965,000 6 159,565.00 179, 130 80,710 1,200,000.00 13,218 95,433.70 1,200,000 528,056.70 591,879.50 8 1,100,180 520,000 258,2(10 4,207,800.00 71,906 42,631.15 2,584,916.65 4,215,000 7,200.00 8 1,194,967.50 3,359,000 960,000 56,839 1,728,888 7,598,695.00 36,405.00 7,63.5, 100 74,883.30 7,374,577.80 1,619,817.50 7 3,249,750 740,000 135,506 1,291,906 5,810,750.(X) 231,750.00 90,900.85 6,042,500 7,127,880.35 891,906.(X) 9 815,920 318,430 101,770 2,554,795.00 49,863.82 45,205.00 2,177,889.82 2,600,000 7 1,123,462 .'"•0 1,863,500 455,:353 119,253 42,795.35 5,827,525.00 5,827,540 5.00 3,604,363.85 3 1.332,602 50 480,580 160,244 500,000 121,920 32,R80.00 70,400.00 1,828,600 00 2,694,205.50 1,899,000 469,815.00 6 1,855,000 1,396,343 64,726 4,425,795.00 53,859. 20 3,836,743.20 91,205.00 4,517,000 5 2,772,495.00 910,640 1,010,000 85,478 3,015,800.00 138,483.60 65,905 134,200.00 4,983,001.60 3,150,000 6 1,842,556.00 147,990 330,000 610,000 202,128 2,369,450.00 156,658 85,351. 24 173,550.00 3,374,683. 24 2,543,000 3 157,152.50 301,8.50 100,000 11,982 166,884 396,997.50 9,382. 25 3,002.50 747,250.75 400,000 4 407,8(6.20 375,450 50,000 58,568 101,826 24,880.60 1,018,587.80 1,214,697.50 124,302. 50 1,339,MO 3 155,340.00 60.000 3,820 600,000.00 14,539.60 51,000 284,699.60 600,0'0 4 153,750.00 280,000 400,000 18,402 20,695.90 10,000 769,797. 5() 5,202.50 882,847.90 775,000 11 1,484,305.00 1, W.)9,320 450,000 1,130,000 210,317 2,2(10,963 311,096.15 7,846,001.15 4,263,092.50 4,270,000 6,907.50 4 375,910.00 396,770 57,508 N7 31:7 35 17 2 914,897.50 1,203,209.05 75,709.05 940,000 25,102. 50 4 329,022.50 174,320 27,826 22,958.80 (163,100.00 585,884.30 663,100 7 1,573.182.50 969,440 10,000 118,099 781,529 2,280,000.00 143,825.65 3,596,069. 15 2,280,000 3 314,010.00 127.180 26,008 99,279 24,926. 55 624,902.50 591,403.55 630,000 5,097.50 2 146,932 50 92,050 150,000 9,397 34,952 9,429.90 442,761 40 399,000.00 399,000 2 167,525.00 100.510 120,000 15,930 14,171 300,000.00 11,933.95 430,069.95 300,000 3 105,347. 50 280,020 190,00 31,593 86,782 24,218. 10 325,000.00 717,960.60 325,000 7 3,958,890.00 1,90h3,090 102,828 194,168 70,316.35 6,289,292. 35 2,759,:395.00 2,775,000 15,005.00 358,160.00 3 512,380 26,060 26,121 14,803. 20 480,000.00 937,724 20 480,000 4 78,845.00 197,550 35,271 67.147 37,436.85 575,000.00 416,249.85 575,000 6 379,200.00 349,720 134,942 145,079 61,772. 55 1,070,773.55 648,995.00 649,000 5.00 6 4,338,695.00 47,600 759,000 90,580 26,079 164,909.50 5,426,863.50 934,995.00 935,000 5.00 5 772,150.00 218,730 1,253,000 45,382 128,078 101,865.45 2,519,205.45 2,650,000.00 2,650,000 2 731,745.00 60,860 186,000 22,677 4,080 46,008.40 1,051,370.40 489,300.00 500,090 10,700.00 4 5,216,565.00 36,770 464,000 53,675 21,423 176,819.65 5.969,252.65 1,868,865.00 2,800,000 931,135.00 9 4,976,435.00 196,850 960,000 98,332 627,378 147,103. 75 7,006,098.75 4,745,047.50 5,100,000 354,952.50 10 9,969,095.00 810,480 2,200,000 824,000 130,558 51,223 324,621. 33 14,315,977.33 21,109,330.00 21,524,000 414,670.00 5 1 007,726. 15 446,030 70,454 18,885 111,067.75 1,654.162.90 __ 1,700,000.00 1,750,000 50,000.00 322 59,152,066.85 59,559,190 19,870,000 22,306,000 5,082,927 35,276,300 5,146,217.03 -206,392,700.88 158,286,490.00 162,201,090 3,914,600.00 381 71,160,811.85 -247,804.980 49,805,000 78,831,000 5,416,605 110,346,594 6,914,856.99 574.279,847.84 235,670,180.00 242,439,480 6,769,300.00 _ _ _ 70 -1,188,044.41 591,360 29,493 -:548,9.52 99,986.80 2, 257, 836. 21 5, 5,388.232.50 469, 400 81,167. 50 56 528,236.46 255,780 20,399 :310,327 107, 227. 30 4, 432. 50 901, 1, 221, 969. 76 4,987,500 86,067.50 51 411,936.95 142,770 38,123 79, 195.21) 800,611. 15 4,780,21(3. 50 4,841,500 61,283.50 168 2,353,287.51 1,424,530 138,288 I 1,9 38 6 )0 14 601,555. 20 28,C 0 6,464'i, 320. 71 19,880,687.50 20,198,000 317,312.50 22 385,662.82 461,560 5,807 383,157 88,254. 41 1,326,441. 23 4,657,500 4,533,702.50 123,797. 50 79 1,745,957. 70 892,520 20,000 54,284 990,434 263,542. 39 3,972,738. 09 13,050,850 328,40)0. 00 12,722,390. 00 446 6,613,125. 8.5 3,768,520 20,000 286,294 4,118,116 1,239,761. 30 16.045,917. 15 53,204,750 52.206,661.50 998,088.50 410 5,209,632. 72 5,2'21,530 870,000 261,628 ,000 3,830,680 878, 797. 62 16, 752, 268. 34 35,771,070 35, 532, 238,865.00 205. 00 196 1,948,080. 79 3,156,020 10,000 130,570 2,948,727 539,642.9$ 8,733,040. 77 16,826,820 16,518,750.00 30S,070.00 773 9,346,918. 20 7,683,760 220,0(X) 15,000 776,077 4,252,568 1,235,612. 71 23,529,935.91 55,598,490 54,993,761.5) 604,728.50 28 140,507.95 131,900 20,782 260,116 45,952.05 605,258.00 1,562,500 1,544,820.00 17,680.00 90 473,(K)3.50 561,640 30,000 25,977 104,788.99 1,560,095. 49 4,483,490 78,897. 50 4,404,59'2. 50 1 7,990.00 41,260 250 36 14, 6 r1A 12 6 1,260.00 66,872.00 250,000 239,700.00 111,3(8). 00 1,498 17,132,13:3. 16 16,794;. 110 1,130,000 495,000 1,215,284 11.672,889 2,806,054.35 .51,247,470. 51 114,492,370 112,940,489.00 1,551,881.00 128 1,856,665.85 972,080 216,451 - 734,343 269,819. 87 4,049,3.59. 72 - 13,283,01K) 13,058,047.50 224,952.50 106 1,199,138.52 833,670 133,966 493,976 147,079. 38 2,807,829.90 8,215,100 8,152,777.50 02,322. 50 74 417,287. 35 303,300 121,492 332,185 114,606.95 1,348,871. 30 6,504,500 6,493,907. 50 10,592.50 43 201, 173.50 149,810 77,2111 226,798 170, 892. 25 825,964. 75 4,439,250 4,409,430.00 29,820.00 112 446, 159.00 544,910 27,000 260, 143 579,121 32'2,597. 27 2, 179,930. 27 9,728,250 9,677,642.50 45 50,607.50 515,1816. 32 554,160 227,874 226 304, 109, 591. 65 1, 771. 457. 97 4,667,490 4,630,557.54) 36,932. 50 81 620,874.(X) 996,4.50 277,024 479,724 284,427.66 1 2,659,099.66 31 7,474,642.50 106,3,57. 50 7,581,000 134, 144. 00 289,320 120,000 6 1117 92:7 106 101, 600 94, 956. 90 832, 136. 90 3,002,460 26 2'2,6(X). 00 2,979,860.(K) 204,772.50 427,230 208,202 129, 558. 30 1,076, 479. 80 2, 602,500 478 2,576,752. 50 25,747.50 2,374,654. 55 2,190,450 758,505 8.50,852 739,716.91 6,914,178. 46 20,313,310 46 20,209,752.50 103,557. 50 531,464. 30 389,140 10,000 116,080 19,5,315 124, 751. 40 1, 306, 750. 70 2, 520, 136 810 2,498,910.00 21,900.00 884,706.00 680, 110 310,000 30,000 1:3 72 7 41 312 2 333,199 129,506.51 2,502,033.51 10,621,850 100 10,534,122.50 1,252.941. 50 87,727.50 1,419,530 30,000 657,543 195,671.44 3, 828, 022. 94 9, 268, 760 9, 184,212. 50 84.547. 50 10,639,587. 39 ---9,810,160470,OM 57,000 2,795,108 _1.406 5,497,os 2,893,176. 49 32,162,115. 88- 102,748.280 615.00 880, 101, 867,665. (X) 3.56 4,246,22:3. 45 3,005,420 480.000 229,0(8) 552,152 1,467,962 463,527. 17 10,444,284.62 254 28,895,180 28, --7 311, 577. 50 3,cm,939.00 602. 583, 50 2,370,700 30.000 48.5,4139 1,070,154 350,906.68 7,353,338. as 427 163,487.50 17,640,340 17,476,852. 30 4,404,696. 22 3,440.760 765,000 567,778 492, 1, 851 602, 073. 90 11, 273, 159. 12 25, 034,960 97 2,463,681. 10 273,455.00 24,761,505. 00 1,231,950 50,000 188,239 482,639 226,620. 38 4,643, 129. 48 8,263,250 122 1,978,694.90 8,1(11,8(30. 00 161,390.00 1, 179,610 690,000 189,979 469,289 193,42.5. 50 4, 700,998. 40 7, 261 960, 330 2,902,008. 34 7,865,500. 00 94,830. 00 1,214,360 280,000 276,645 527,807 275,290. 74 5,476,111. OR , 8,954,250 313 2,412,648.99 8,758,715. 00 195,535.00 1,577,330 375.000 329.4:31 574, 795 264, 261.99 5.533. 4116. 98 14.350,250 106 7.51. 712.50 86,697.50 14,263,552. ISO 322,570 45,000 154,732 201,862 116,725. 16 1,592,601.66 5,641,060 5,607,292.50 33,767. 50_ 1.936 22,196.604.50 342,700 2,715,000 229.000 2,744,595 6,287,359 2,301,831.52 51,017,090.02 116,739.620 115.418,855.00 1,320.765.00 -148631,707.00 524,920 79,751 125,721 142,975.40 1,505,074.40 3,609,280 102 78.5, 171. 10 601,11.30 9,772.50 3,599.507.50 1(1,0(8) 108.407 174,240 134,005.30 1,813,453.40 3,050,300 231 1,548,465.05 8,640.00 3,041,660.00 780.450 165,000 187,159 304,999 176, 127. 50 3, 162. 2(X). M 201 7,839, 1,701.979.25 310 1,096,350 35, 7,803,910.00 400. (X) 40,000 , 293,530 473.2.53 252, 2'29. 51 3,8.57,:341.76 8,600,790 1,716.733. 70 665.720 39,235.00 8,501,555.00 76,349 139,845 158, 895. 00 2,757,542.70 2, R30,700 29 474,475 09 321,980 79 782 50 2.750.917.50 44.868 40,808 441. 240.63 928, 425.33 116 1,4(30,4)50 1,575,035.05 50,460 1,007.50 1,469,042. 5(4 148,114 226,758 126, 114. 56 2, 827, 081.61 42 4,858,010 400,998.00 384.630 4,823,407. 54) 34,512.50 54.665 90.533 38,325. 35 4843, 151.35 266 1,5430,01)0 796.214. 10 877.940 4.570.00 1,564,430. oo 310,5410 38.5,007 308,127.86 2. 677. 858. 913 6.488.920 6,444,680.(N) 44,240.(8) 1.193 9,630,792.05 - 6,004.080 215.000 1,301.003 1.961, 164 1,38.3,091.01 20.495, 130.06 -^ 40,306,360049.2(81.444) 257, 160.00 67 1.592,462.50 262,180 122,105 60,344 142,2.57. 50 2,179.349.00 2. 2,250.621.50 73 483, 110 198,800 454,007.50 2, 28, 442. 50 74,260 68,411 137.886.43 2.729,978.93 184 2,560,760 6,021,393. 10 71:i. 360 40,0(8) 2,443,232.50 117,527.50 297,315 138,824 439, 150. 42 7, 650,042. 52 46 777, 1:31.40 13,310,750 234.110 124,672.50 13, 186,077.50 146,000 49,054 48,822 90.619.78 1,345,737. 18 16 388,558 90 1,984,000 13,050 32,980.00 1,951,020.(X) 33.451 9,872 29,4419. 70 474. 601. f30 11 38.3 885.00 835,750 37,750 828,747.50 7,002.50 11,425 5,076 21,438.00 459, .574.00 13 300,357.90 1.579.000 174,860 1,5‘5,390.00 33,610.00 25,446 41,797 23,059. 40 568, 320. 30 2 106,414. 13 735.260 15.070 7:31,410.00 3,850.00 10,899 20.700 11.881.3.5 __ 164.964. 4R 62,500 - 412 61,721).(X) 780. 00 11.82:3.1)24. 43 1.649,180 40,000 146,000 623,_955 393,846 896, .562.58 15,572, 56.4. 01 _ =23,20'2, 26.5.(X) 348,865.00 ==- 4F 215,122.1 4140 35,030257 1:3, 763.50 264,6.52. 50 1 1(10.48) 294,2.54) • 25.000 - 22,002.50 272,247.50 250 600 765.50 26,715.50 I 100,000 100,1844). 481 215,9?2.00, 25,480 35,280 8.57 14,529.00 291.368.00 .394,250-22,002.50 372,247.50 6,1496- 78,254),489.38 52. 396,2301 4,590,000 927,000 9,001,599 29,931,315 11,735,026. 2.5 186,831-,659.63 451,430,760446,070,333.1W.) _ 5,366,427.00 7.277 153. 411.301. 23 300.201,210 54,395,000 = 79.758 000 --14,-4-18,204 140,277,009 18.649. R8',3. 24 761.111.507.47 1 693,870. 240 ' 12.13g,727.00 681,740,613.00 __. I Statement of Mar. 7, 1911. • Deposits and Reserve of National Banks on June 7, 1911 7 RESERVE REQUIRED, AND THE AMOUNT AND PER CENT HELD. CASH ON HAND, DUE FROM RESERVE AGENTS, AND IN TIIE REDEMPTION FUND. HELD. CITIES, STATES, AND TEERITORIES. New York City Chicago St. Louis Central reserve cities Boston Albany Brooklyn Ph ila(lelphla Pittsburg Baltimore Washington Savannah New Orleans Dallas Fort Worth 1:alveston Houston San Antonio Waco Louisville Cincinnati Cleveland Columbus Indianapolis Detroit Milwaukee Minneapolis. St. Paul Cedar Rapids Des Moines Dubuque Sioux City Kansas City, Mo St. Joseph Lincoln Omaha South Omaha Kansas City, Kans Topeka Wichita Denver Pueblo Muskogee Oklahoma City Seattle Spokane. Tacoma Portland Los Angeles San Francisco Salt Lake City Other reserve cities All reserve cities Ma tne New Hampshire Vermont Massachusetts Rhode Island Connecticut New England States New York New Jersey Pennsylvania Delaware Maryland District of Columbia Eastern States Virgin;a West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Southern States Ohio Indiana Illinois Michigan NV isconsin Minnesota Iowa M issotiri Middle States North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma Western States Washington Oregon California Idaho 1'11111 Nevada Arizona Alaska Pacific States Hawaii Porto Rico Island possessions Total States, etc Total United States Net deposits subject to reserve requirements. $1,184,618,047. 13 366,639,276.61 128,389,336. 74 1.679.646,660. 48 231,130,408.65 36,755,004.92 24, 473,981. 17 291,052,311. 77 185,547,594.91 63,215,216.84 24,881.351. 43 1,479,255. 45 23,989,619.59 17,677,641.02 11,448,349. 26 4,548,645.28 25,813,999. 31 10.584,387.97 4. 466.608.61 27,095,546. 45 66,847,995.93 64,200,565.67 '21, 433,213.55 31.845,776.27 41.82'2, 494.88 47,161,504. 49 51,231,852. 28 32,574,227.91 8.049.073. 15 14,217.975.66 3.096,363. 14 10,842,854.95 79.593,951.02 11.700,560.59 7,240,220.67 37,909,613.09 7,996,448. 28 4,640,714.85 3,113,643.54 5,506,274. 23 44,310,747.89 7,631,176.38 4,336,686.11 9,384,220.65 34,330,203. 22 17,118,943.53 6,708,019.69 25,618,617.81 46.393,312.80 108,637,747. 14 9,871,813.57 1,849,526.744:5T 3.529. 173. 405.05 39,244,873.39 20,404,537. 46 18,660,443.90 133,231,355.95 30, 170,529. 30 67,291,732.00 309,003,472.00 324,531,810. 77 180,368,3.57. 36 409,738,071. 79 10, 156,872. 3.5 34,819,206. 43 950,214.94 960,564,533. 64 83,638.806. 29 46,059.353. 44 26,924,494.95 19,600, 150.42 41,314,329. 97 30,209,629. 76 32, 156,380. 43 13, 143,396. 72 16,525, 187.86 98,891,892.60 17,249,209.81 38,617,542.90 58,033,795. 19 .522,364,260.34 182,725,960. 28 113,5.54, 477.65 189,829,051.65 83,938,179. 37 85,335,797.01 93.965,784.8.5 102.355,8.54. 22 27.892,977. 13 879,598,082. 16 25,457,656.24 29,938,112.55 54,422,091. 22 57,020,239.52 29,529,987. 28 11,873,817.98 36,835,6411. 26 12,641,620.23 39,956,425.00 297,675,611.28 26,821,046.65 25,843,8.5.5. 94 100,502,817.54 15,221,312.57 6,:344,577.98 6,133,0.58.:13 7,261,977.87 738,191.39 188,806,838.27 i 1,570,844.28 201,7.54. 23 1,772,598.51 3, 159,8413.:396.20 ! 6,689,018,801.25 , Required. Specie. Legal tenders. Redemption fund. $296,154,511.78 $276,481,282.9f $53,334,109 $2,382,305.00 91,659.819. 15 65,167,563.05 756,850.00 28,807,932 32.097,334. 19 26,238.301.00 5,651,936 818,964. 50 419,911.665. 12 367,887.146.96 87.793,977 - 3,958,119.50 57,782,602. 16 25:007761.75 3,993,993 387,400.00 9,188,751. 23 1,978,422 2,307,785.55 105.000.00 6,118,495.29 2,742,262.85 587,952 49,350.00 72,763,077.94 35,238.405.59 3,299,502 804. 100.00 46,386,898.73 18,695,180.00 5,462,183 799,397.50 15,803.804. 21 398.700.00 402,005 5,707,773.88 6,220,337.86 255,650. 2,696,779.00 450,447 00 369,813.86 6,000 32,500.00 130, 48.5. 50 5,997,404.90 523,650 162,375.00 2,526,203.04 4,419,410. 26 466,580 1,906,658.85 126,700.00 1,059,674. 40 2,862,087.32 448,665 69,400.00 1,137,161.32 18,75(1.00 479,220.90 51,065 6,453,499.83 645,380 2,528,920.38 131,750.00 2,646,096.99 245,900 98,250.00 1,403,494.35 1,116,652. 15 528,056.70 151,922 60,000.00 6,773,886.61 925,554 2,584,916.05 202,550.00 16,711,998. 98 2,249,965 381,755.00 7,374,577.80 16,050,141. 42 7,127,88(1.35 1,683,640 292,825.00 5,358,303.39 106,90(1.00 741,367 2,177,889.82 7,961,444.07 3,604,363.85 896.121 276,377.00 10,455,623.72 2,694,205.50 2,992,763 94,950.00 11. 790,376. 12 2,058.068 3,836,793.20 225,850.00 12,807,963.07 4,983,001.60 1,322,772 157,500.00 8,143,556.98 643,689 3,374,683. 24 127. 150.00 2,012,268. 29 155,527 20,000.00 747,250. 75 3,554,493.92 1,018,587.80 654,840 66,950.00 774,090.79 101,460 30,000.00 284,699.60 2,710,713.74 497,831 38,750.00 882.847.90 19,80g,487.75 7,846,001. 15 1,292,789 206.6(1). 00 2,925,140. 15 261,190 41,0(8). 00 1,203,209.05 1,810,055. 17 585,884.30 276,553 33, 155. 00 9,477,403. 27 3,596,069. 15 103,3(8). 1,163,045 00 1,999,112.07 591,403.55 215,905 29,200. 00 1,160,178. 71 442,761. 40 25,990 19,950.00 778,410.89 430,069.95 39,516 15,000.00 1,376,568.56 717,960.60 40,844 16,250.00 11,077,686.97 6,289.292. 35 1,322,467 138,750.00 1,907,794.09 937,724. 20 67,750 24,000.00 1,084, 171.52 416, 249. 85 119,473 28,750.00 2,346,0.57. 41 1,070,773.55 405,035 32,450.00 8,582,550.81 5,426,863.50 510,447 46,750.00 4,279,735.88 2,519,205. 45 68,810 132, 5(8). 00 1,677,004.92 1.051,370. 40 28,419 2.5,000.00 6,404,654.45 5.969,252.65 140,(8)0.00 87,445 11.598,328. 20 7,006,098.75 385,246 255,(XX).(10 27,159,436.78 14,315,977. 33 81,748 1,076,200.00 2. 467,953.39 1,654,162.90 92,170 87,500.00 462,381,686. 14 200,392.700.88 40,024,665 7,975,234.50 882,293.351. 26 574,279,847.84 127,818,642 11.933,354.00 5,886,731.01 2,257,836. 21 3,060,680.62 1,221,969.76 2,799,066.59 800,611. 15 19,954,703. 39 6,466,320. 71 4,525,579.39 1,326,441.23 10,093.759.80 3,972,738.09 46,350,520.80 16,045,917. 15 48,679,771.62 16,752,268.34 27,055,253.60 8,733,040.77 61,460,710. 77 23,529,935.91 1,523,530.85 605,258.00 5,222,880.97 1,.560,095. 49 142,532.24 66,872.00 144,084,680.05 51,247,470.51 12,.545,8:34. 44-4,049,359. 72 6,905,91)3.02 2,807,829. 90 4,038,674.24 1,348,871.30 2,940,022.56 825,9(14. 75 6,197,149.50 2,179,930. 27 4,531,444. 46 1,771,457.97 4,823,457.06 2,659,099.66 1,971,509.51 832, 136.90 2,478,778. 18 1,076,479.8(1 14,833,783.89 6,914,178. 46 2,587,381. 47 1,366,750. 70 5,792,631. 44 2,502,033.51 8,705.069. 28 3,828.022.94 78,3134,639.05- 32,162,115.88 27,408,894.04 10,444,284.62 17,033, 171.65 7,353,338.08 28,474,357. 75 11,273, 159. 12 12,.590,726. 91 4,643, 129. 48 12,800,369..55 4,700,998. 40 14,094,867.73 5,476, Ill.08 15,:353,378. 13 5,533,466.98 4.183,946.57 1,592.001.66 131,939.712.33 51,017.090.02 3,818,648. 44 1,505,074. 40 4,490,716.88 1,813,453.40 8,103.313.68 3,162,200 55 8,553,035.93 3,857,341. 76 4,429,498.09 2,757,542.70 1,781,072. 70 928,425. 33 5,52.5,349. 19 2,827,081.61 1,890,243.03 966,151. 35 5,993,4113. 75 2,677,8.58. 96 44,1151,1341.69 20,495,130.06 4,023, 157.18) 2,179.349.00 3,576,578.39 2,729,978.93 15,075,422.63 7,650,042.52 2,253,196.59 1,34.5,737.18 951,680. 70 474,601.641 919,958.75 459,574.00 1,089,296.65 51;8,320. 30 110,728. 70 1(14,964. 48 28,330,025. 74 15,572,568.01 235,626. f14 264,1152..50 30,263. 13 26,715. 50 205,889. 77 291,36R.00 473,976,809. 43 186,831,6.19. 63 1.356,270, 160.69 421,766 412,215 387,001 3,369,256 615,192 1,390,932 6.596.362 6,543,463 4,251,002 7,583,351 192,926 716,752 7,700 19,295,194 2,141,570 808,669 591,672 453,775 1, 147,7(4) 676,730 481,209 252,643 150,502 1,904,619 295,341 540,065 1,636,946 11,087,501 • 4,091,089 2,194,580 3,380,965 1,821),849 1,064,565 981,597 1,553,413 653,559 15,740,637 253,480 364,325 561,976 847,024 537,852 85,211 676,269 126,636 53(1,9.51 4,019,76() 125,592 66,929 260,523 105,098 11,316 13,90.5 00,528 13,285 657,776 130 3,600 3,730 57,4(X),9tA) 761,111,,507. _ 47 - 185,219,602 'Statement of Mar. 7, 1911. Available with reserve agents, not exceeding 50 per cent of net reserve required. Total amount. $332,197,696.91 94,732,345.05 32,709,201.50 459,(L39,243. 46 58,758,755.83 8,933,083. 16 6,414,137. 49 75,321,496.56 47,750,511. 11 14,211,030.98 6,386,719. 92 308,995. 47 6,129,802.98 4,646,293. 97 2,974,083.05 1,108,241. 56 6.366,925.29 4,099,271.32 1,222,010.09 6,998,688.95 18,17(1,919. 79 16,983,003. 55 5,612,590.S9 8,619,395.38 10,962,255. 36 11,902,924. 26 12,788,505. 13 8,153,725. 72 1,018,911.89 3,484,149. 75 788,204.99 2,755,410. 76 19,191,334.02 2,947,469. 12 1,784,042. 38 9,541),465.78 1,824,464.58 1,058,815.75 794,127.99 1,455,213.87 13,219,977.83 1,971,371. 24 1,092,183.61 2,477,030. 71 10,034,965.53 4,794, 13:3.39 1,779,829.03 9,079,803. 43 13,(8)0, 406. 42 28,515,543.72 3,024.059.59 481.364,283. 19 941,003.526.65 _ Per cent. Amount. 28.04 $332,197,696.91 94,732,345.05 25.84 32,709,201.50 25. 48 459,639,243. 46 27.•37 69,379,284.48 25.42 24.30 11,936,367.31 26.21 7.423,924.98 89,280,504.59 25.88 49,854,912.39 25.73 22. 48 14,991,985. 45 7,056,253.99 25.67 2(1.89 308,995. 47 6,650,262.90 25.55 26.28 4,754,971.95 25.98 3,672,784.88 24.36 1,441,809.99 24.66 7,456,384.69 38. 73 4,099,271.32 27. 36 1,222,010.09 25.83 8,966,747. CO 27. 18 18,829,596. 29 26. 45 21,068,397.70 2(1.19 5,612,.590.89 27.07 10,427.686. 14 26.21 12,827,666.94 25.24 12,952,338.55 13,063,444. 14 24.96 25.03 8,325,543. 24 23.54 1,943,275. 12 24. 51 3,696,911. 17 25. 46 89:3,436. 29 25. 41 3,245,920. 54 24,941,865.98 24. 11 25. 19 4,281,113.00 24. 64 1,915,517.82 25. 19 10.876,138.54 22.82 2,683,738.62 22.81 1,120,346. 17 25.51 794.127.99 26. 4'3 1,825. 212. 77 29.53 14,319,606. 41 25.83 2,078,597.83 25. 18 1,311, 741. 25 26. 40 2,477,030. 71 29. 23 10,034.965. 53 25.00 4,949,307.85 26. 53 1,779,820.03 35. 44 9,079,803. 43 28.02 13,0(8), 406. 42 26.25 29,730,483. 20 30.63 3,118.346.02 26.03 541,707,457.06 26.66 1,001,346,700.52 Per cent. 28.04 25.84 25. 48 27.37 30.02 32. 48 30.33 30.68 26.86 23.72 28.36 20.89 27.72 26.89 32.08 31.70 28.88 38.73 27.36 33.09 28. 17 32.82 26. 19 32.74 30.117 27. 46 25.50 25. 56 24. 14 26. 00 28.85 29.96 31.34 36. 59 26.46 28.69 33. 56 24. 14 25. 51 33. 20 32. 32 27. 24 30. 25 26. 40 29.23 28.91 26.53 35. 44 28.02 27. 37 31.58 29. 29 28.37 $28,697,601.08 4,541,875.61 3,034,572.64 35,979,488.97 22,793,750. 61 7,702,552. 10 2,980,843.92 140,0(19. 97 2,917,514.94 2,196,355. 12 1,396,343.65 559. 205.66 3,160,874.91 2,351,566.97 482,(131.39 3,285,668.30 8,165,121.99 7,878,(158.20 2,586.434.07 3,842,533. 53 5,180,336.86 5,782,263.06 6,325,231.53 4,008,203. 48 996,134. 14 1,743.771.95 372,045. 39 1,335,981.86 9,845,943.87 1,442,070.07 888,450.08 4,687,051.63 984,956.03 570,114. 35 309,542.04 680, 159.27 5.469.468. 48 941,897.04 527,710.76 968,772. 16 4,050,905.03 2,073,617.94 675,1)39.63 2,883,105. 78 5,354.061.67 13,041,618.39 1,190, 226.69 226.971,682.81 226.971,682.81 Not exceeding 60 per cent. 271,222. 25 3,369,:305. 25 6,320,129.71 16.10 8,131,963.95 20.72 236,05,5,00 1,694,775. 37 3,565,015. 13 17. 47 5,727,294.04 28.07 229,625.00 1,541.664.95 958,902.10 15.86 4,155,841.27 22.27 991,455.00 11,395,949.03 2,22, 22, 2 980. 74 16.69 29,811,784.47 22. 38 224,625.00 2,5g0,572.63 4,746,830.86 15. 73 6,935.013. 36 21.33 (123,891.50 5,681.920. 98_ 11,669,482.57 17.35 19,291,345.66 28. 67 2.576,873.75 26,264. 158. 21 51,483,341.-11- 16.611 - 73.553.242. 75 23.80 1,764,353.50 28,149,250.86 53.209,335.70 16. 40 68,900.701.84 I 21. 23 837,016.00 15,730,942.56 29,552,001.33 16. 38 38,798,855. 40 ' 21.51 2,657,093.70 35,282,200. 24 69,052,530.85 16.8.5 88,983,324.93 21.72 73,725.00 R69,883.51 1,741,792.51 17.15 2,048,535.01 20.17 206,293.35 3,009,952.56 5,493,093. 40 15. 78 6,445,261.93 18.51 12.500.00 78.019.34 165,091. 34 17. 38 342,017.22 36.00 5,550,931. 5.5 83,120,249.07 159. 2-13,845. 13 -16. 58 205,518,696.33 21.40 616, 150.64) 7,157.810. 66 13,964,890.38 16.70 14,9'21,058.60 17.84 391,620.00 3,910,369.80 ' 7,918,988.70 17.19 9,260,341.76 20.11 263,822.36 2,190. 423. 75 4,394,789. 41 16.32 4,394,789. 41 16.32 212,715.00 1,636,384. 53 3,128,839. 28 15.96 3,318,887.88 16.93 461,833.00 3,941,189.89 7,230,713. 16 17.50 8,365, 196. 77 29.24 228,889.50 5,258,610. 44 2,581,532. 97 17. 40 7,010,805.04 23. 22 351,762.60 2,683.016.67 6,175,087.93 19.20 8,041.432.28 25.01 144,975.00 1,095,920. 70 2,325,(175.60 17.69 4,187,669.31 31.88 127,92.5. 0(1 1,410,511. 90 2,771,418. 70 16. 77 4,079,059.08 24.68 986,176.00 8,308,564. 73 18,113,538. 19 18.32 28,95.5,029.60 29. 28 119,625.50 1,480,653.58 3,262,370.78 18.91 5,681,95.5. 90 32.94 463,932.50 3,197,219. 3.5 6,703,250.36 17. 36 9,213.214. 14 23.86 436,288.00 4,961,268. 76 10,862,.525.70 18.72 14,615,406. 31 25. 18 4,805,714. 46 44,054.867. 29 92. 110, 198.63 17.03 - 122,056,84(1. 14_ 23.37 1,372,345. 13 15,621,929. 34 31,529,648.09 17.20 j 40,405,386.05 22. 11 859,407.00 9,704,222. 78 20,111,608. 4(1 17.7! 30,817,867. 97 27. 14 1,221,210. 50 111, 351,888.34 32,227,222.96 16.98 47,293,027.05 24.91 402,510.00 7,312,930. 14 14, 179, 418. 62 16.89 18, 129,397.56 21. 59 380,2(11. 70 7,452,064. 71 13,597,889.81 15.93 ' 17,941,069. 98 21.02 443,1)1(1. 00 8, 191, 114.63 15,091,832. 71 16.1)6 20,708,202. 41 22.04 677,222.90 8,805,693. 1:3 1(1,569,816.01 16.19 23,256,792. 79 22.72 275,156.25 2,345.277. 79 4,866,588.70 17.45 7,894,292.36 28.30 5,631,177. 48 75,785,120. 811 148,174,025. 36 10.85 206,446,035.67 23.47 177,013.98 2,184,980.67 , 4,150,555.05 16.30 4,736,650. 10- 18.61 151,465.00 2,603,551. 12 4,9:12,794.52 16. 48 7,101,247. 40 23.72 i 381,846. 50 4,668, 880. 30 5,774.903. 35 16. 12 15,242,213. 10 28.01 416,729.50 10,1102,879. 11 4,881,78:). 85 17.54 18,296,054. 74 32.09 141,1:3.5.01) 2,573,017.85 6,009,577.55 20.35 8,910,345.92 30.17 73,0(82.50 1,024,842. 11 ' 2,111,4)40. 94 17.78 2,896,111. 13 24.39 232,825.50 3,175,514.21 18.76 6,911,090. 32 11,613,627.31 31.53 75,550.00 1,092,415.82 2,260,753. 17 17.88 3,654), 512.21 28.88 ! 309,11415.75 3,410,277.00 6,934,755. 71 17.35 i 11.891.974.21 29.7(1 1,959,236.73 25,615,262.93 52,089,389. 72 17.50 84,338,730. 12 28.33 124,105.56 -2,339,430.89 4,768,477.39 17.78 8,2(12,545.25 30.81 124,958.(X) 2,250,972.23 5,172,838. 16 20.182 7,931,572. 38 30.119 602,362.50 8,047,836.07 17,221,064.09 17. 13 25,272,511.53 25.15 94,000.00 1,313,518. 13 2,8.58,353.31 18.77 3,915,1882. 70 25.72 41,787.50 M5,939.51 1,073,644.61 16.92 1,605,494.91 25.30 78,950.00 51)4,105. 24 1,057,034.24 17.24 2,114,5111.62 34.48 36,763.00 631,520.20 1,297,431. W 17.87 2,685,942.31 36.99 3, 125.00 17,158. 76 198,513.24 26.89 198,533. 24 26.89 1, 166,051.5033,647,376.54 17.82 51,980,763.94 27.53 _ 16,250,981.03 14,712.56 96.278.70 375,773. 70 23.92 375,773. 70 23.92 5,MO.00 8, 182.85 43,498.35 21.541 43,498.35 21.56 19,712.50 11)4,4(11. 55419,272.05 23. f;,5 419, 272.05 23.65 _ 21,709,697.97 271,195, 130.94 537, 137,448. 54 17.00 744,313,59:3.00 23.56 33,043,051.97 498, 166,813.75 - 1,478. 140,975. 19 22. 10 1,745.660,293.52 26J10 • 8 Abstract of the Reports of Condition of National Banks In the United States on June 7,9911, arranged by Classes. Central reserve city banks (59). Other reserve city banks (322). Country banks(6,896). Total (7,277). $2,775, 712,376.53 19,503,134.61 451,518,690.00 21,281,400.00 2, 800,489. 19 5,681,240.00 6, 739,083.64 532,503,633. 51 125,017,866. 70 16, 963,530.96 92,067,957. 74 47,459,705. 92 478, 371,275.40 15,585,718. 78 12,685,177.63 29,897,888.00 2,232,716.96 186, 831,659.63 57,400,960.00 21, 709,697. 97 1,096,829.08 $5,610,838,787.01 23,397,257. 78 694,214,820.00 40,768,400.00 12,168,275. 64 9,854,250.00 9,907,421. 34 ta"),475,144. 31 228,840,419.09 24,168,885.00 415,385,545. 96 195,714, 143. 29 765,686,132.08 31,155, 316. 27 286,321,804. 73 48,591,154.00 3,139, 177.58 761,111,507.47 185,219,602.00 33,643,051.97 7,447,598.79 10,383,048,694. 31 RESOURCES. Loans and discounts Overdrafts United States bonds to secure circulation United States bonds to secure United States deposits Other bonds to secure United States deposits United States bonds on hand Premiums on United States bonds Bonds, securities, etc Banking house, furniture, and fixtures Other real estate owned Due from national banks (not reserve agents) Due from State banks and bankers, trust companies, etc Due from approved reserve agents Checks and other cash items Exchanges for clearing house Bills of other national banks Fractional currency, nickels, and cents Specie Legal-tender notes 5 per cent redemption fund Due from Treasurer United States other than 5 per cent fund $1,338,814,874. 73 $1,496, 311,535. 75 243,721.02 3, 650,402. 15 80, 238, 390.00 162,457,740.00 2, 709,000.00 16, 778,000.00 1, 363,000.00 8,004,786.45 2,442,690.00 1, 730,320.00 710,966. 73 2,457,370.97 246,056,275.86 216,915,234.94 38,282, 382.51 65,540,169.88 1, 777,493.91 5,427,860. 13 139,285, 769. 57 184,031,818. 65 62,696,871.08 85,557,566. 29 287,314,856.68 6,936,392.07 8,633,205.42 209,926,080.45 63, 710,546.65 5,201,975.00 13,491,291.00 199,887. 23 706,573. 39 367, 887, 146.96 206, 392,700. 88 87, 793,977.00 40,024,665.00 3,958, 119. 50 7, 975,234.50 3, 758,583.80 2,592,185. 91 Total 2,600,283,597.42 2, 879, 704,064.64 4,903,061,032. 25 184,200,000.00 168, 719,500.00 51, 813,945.41 77, 383,690.00 16,516.00 572, 304,672.01 212,909,464.09 264,006, 703.82 50,000.00 2,920,593. 70 27,407.9- 249, 242,710.00 174, 225,974. 72 57,629,607.33 158, 286,490.00 468.00 400,841,709. 71 193,882,235. 72 234, 125,166. 24 27, 144,875.62 580,600. 72 1,336,635,414.95 17,409,663. 88 5, 271,357.04 17,478,405. 27 166,925.00 3,966,008.93 1, 771,221.48 1,045,230.03 586, 190,442. 25 329,001,321.96 132, 110,553. 35 446,070,333.00 10,722.00 66, 332,387.98 93,409,680.03 70, 770,723.24 11, 713,380.58 1,051,207.53 3,090,885,493.50 16, 859,586.40 5,412,632.95 7, 641,903.50 9, 141,575. 17 32,674,519.98 1,801,739.23 1,982,829.60 2,600,283,597.42 2,879, 704,064.64 4,903,061,032.25 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes National-bank notes outstanding State-bank notes outstanding Due to national banks (not reserve agents) Due to State banks and bankers Due to trust companies and savings banks Due to approved reserve agents Dividends unpaid Individual deposits United States deposits Deposits of United States disbursing officers Bonds borrowed Notes and bills rediscounted Bills payable Reserved for taxes Liabilities other than those above stated 220,015.22 1,050,470,248.00 2,897,564.03 604,837.24 11, 738,440.00 Total I ; ; ' 1,019,633,152. 25 671,946,796. 68 241,554,106.09 681,740,513.00 27,706.00 1,039,478,769. 70 500,201,379.84 568,902,593. 30 38,858,256. 20 1,851,823.47 5,477,991,156.45 37,166,814. 31 11,288,827. 23 36,858,748. 77 9,308,500. 17 36,690,528.91 6,493,554 41 2i,167. .53 10, 383,048,694. 31 Number of National Banks Showing Savings Deposits anti Antotitit of Savings Deposits as Shown by Call or Juno 7, 1911. Stales. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Total I number of banks. Ntiiiber showing savings Amount of savings deposits. States. deposits. 70 56 51 188 22 79 41 12 32 29 5 6 $18,670,068 26 1,277,444.98 8,987,117.44 11,107,585.12 4,386,167.49 1,674,887.39 466 125 46,103,270.68 New York New Jersey Pennsylvania Delaware Maryland District of Columbia 458 196 830 28 107 11 205 147 577 15 79 2 68,852,800.14 47,852,335.26 156,681,772.31 1,694,391.76 18,712,967.22 481,087.85 Eastern States 1,630 1,025 294,275,354.54 79 Washington Oregon California Idaho Utah Nevada Arizona Alaska' Hawaii Porto Rico Michigan Wisconsin Minnesota Iowa Missouri Middle States New England States Virginia West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee ....... • Southern States Ohio Indiana Illinois 128 106 74 43 114 45 81 31 31 511 46 144 100 41 36 43 35 34 13 16 63 12 26 30 24,494,342.00 6,740,056.12 3,162,628.93 7,542,058. 33 6,907,151.70 7,359,822.44 5,335,565.72 972,648.20 2,444,028. 73 6,195,304.72 882,487.96 3,134,042.08 6,109,742.46 1,454 488 81,279,879.39 380 261 438 149 58 193 34,108,619.39 5,607,743.46 33,616,690.59 so North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma Western Slates Pacific States Island possessions Total of United States statement of Mar. 7, 1911. Total number of banks ' Number showing savgs in deposits. Amount of savings deposits. 100 128 272 327 129 106 140 94 18 $37,838,923.99 28,415,904.22 13,730,604.95 6,151,547.19 2,412,975.23 2,035 844 161,883,009.02 148 102 245 208 58 29 126 42 276 40 39 43 57 17 14 33 7 42 841,036.22 1,260,014.25 2,736, 195.78 2,326, 313.52 1,221,459.67 1,207,960.55 7,459,923.35 97, 161. 79 829,092.68 1,234 292 17,979,157.81 80 --, ii 203 46 21 11 13 2 59 26 62 26 16 5 2 1 11,534,601. 44 1, 178,33.87 15,140,962.06 663,676.05 3,294,490.68 444,700.38 10, 194.48 41,366.26 453 197 32,308,825.22 4 1 3 266, 201.68 5 3 266, 201.68 7,277 2,974 634,095,698.34 86 CIRCULAR. REGULATIONS GOVERNING THE ISSUE AND REDEMPTION OF THE CURRENCY AND COINS OF THE UNITED STATES, AND THE REDEMPTION OF NATIONAL-BANK NOTES. 18f+2. Department No. 121. Treasurer's Office No. 43. Xotamcg &E flp ifitift6 Stato, gra4L21,1402z,11.q7 .1 eciedei2,ig(92. The following Regulations govern the Issue and Redemption of the Currency, and the Gold, Silver, and Minor Coins of the United States, and the Redemption of National-Bank Notes by the Treasurer of the United States. I.—Issue of United States Notes. 1. New United States Notes are forwarded to Assistant Treasurers of the United States upon their making requisition on the Treasurer for such denominations as they desire, provided they are in need of funds. 2. New United States Notes are furnished by the Treasurer to others than Assistant Treasurers only in return for United States Notes unfit for circulation forwarded to him in compliance with these Regulations. Exchanges of new notes for new notes of other denominations are made only after permission is obtained from the Treasurer, and the express-charges, both ways, must be borne by the owners. 3. New United States Notes are not furnished for Certificates of Deposit issued by Assistant Treasurers or National-Bank Depositaries, or for bankers' drafts. II.—Issue of Gold Coin. 4. Upon the receipt by the Treasurer of an original certificate of the Assistant Treasurer in New York that a deposit of $100, or any multiple thereof, in United States Notes, has been made to the credit of the Treasurer in general account, a like amount in gold coin will be sent from the Mint at Philadelphia, at the consignee's expense. III.—Issue of Standard Silver Dollars. 5. Standard Silver Dollars are forwarded by the Mint by express at the expense of the Mint in sums of $500, or any multiple thereof. and by the Treasurer by registered mail,free of charge,in sums of $65,or any multiple thereof, at the risk of the party to whom sent— ]. Upon the receipt by the Treasurer of an original certificate issued by any Assistant Treasurer or National-Bank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and collectible through the Clearing-I louse,forwarded directly to him, with instructions to deposit the amounts On account of Standard Silver Dollars, and to forward the certificates therefor to the Treasurer. 2 II. Upon the receipt by the Treasurer, of United States Notes, Fractional Silver Coin, or NationalBank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. G. Standard Silver Dollars are also sent by express at the expense of the Mint in sums of $500, or any multiple thereof, directly from the Mhit in New Orleans, Philadelphia, or San Francisco, for deposits of Currency or Gold Coin with the Assistant Treasurer in the same city. IV.—Issue of Fractional Silver Coin. 7. The Treasurer am! Assistant Treasurers of the United States will exchange Fractional Silver Coin in sums of $20, or any multiple thereof, for lawful money of the United States. 8. The Treasurer will forward Fractional Silver Coin by express, at the expense of the Government, in sums of $500, or any multiple thereof, or by registered mail, free or charge, in sums of $70, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by him of an original certificate issued by any Assistant Treasurer or Nationa l BankDepositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be.made by drafts payable to his order, and collectible through the Clearing-House, forwarded directly to him, with instruct ions to deposit the amounts on account of Fractional Silver Coin, and to forward the certificates therefor to the Treasurer. II. Upon the receipt by him of United States Notes or National-Bank Notes. Upon the receipt and collection of a draft on New York, payable to the order of the Treasur er of the United States, and collectible through the Clearing-House. V.—Issue of Minor Coin. .M 9. The Treasurer and Assistant Treasurers are authorized to pay out, for rnited States Notes, any oin not needed in time current business of their offices. VI.—Redemption of United States Notes, Gold Certificates—Series of 1882, Silver Certificates, and Fractional Currency. 10. United States Notes, each equalling or exceeding three-fifths of its original proportions in one piece, are redeemable at their full face value in oilier United States Notes by the Treasurer and the several Assistant Treasurers of the United States, and are redeemable in coin, ill sums not less than *',501 by the Assistant Treasurer in New York. 11. Fractional Notes, each equalling or exceeding three-fifths of its original proportions in one piece, are redeemable at their full face value in United States Notes, in sums not less than f$3, hy the Treasurer and the several Assistant Treasurers of the United States. 12, Gold.certificates, each oinalling or exceeding three-fifths of its original proportions in one i)iece, are redeemable at their full face value by the Treasurer and the several Assistant Treasurers of the United States. 13. Silver Certificates, each (4111:tiling or exceeding three-fifths of its original proportions in one piece, are redeemable lit their full face value in Standard Silver Dollars by the Treasurer and the several Assistant Treasurers of the United States. 14. United States Notes and Fractional Notes, of each of which less than three-fifths remains, and notes torn or cut into pieces each less than three-tilths, are redeemahle only by the Treasur er of the United States. 3 15. Gold Certificates, of each of'which less than three-fifths remains, and certificates torn or cut into pieces each less than three-fifths, are redeemable only by the Treasurer of the United States. N. Silver Certificates, of each of which less than three-fifths remains, and certificates torn or cut into pieces each less than three-fifths, are redeemable only in Standard Silver Dollars, and only by the Treasurer of the -United States. 17. Fragments of ITnited States Notes, Gold Certificates, Silver Certificates, and Fractional Notes, constituting clearly one-half, but less than three-fifths, when unaccompanied by evidence that the missing portions have been destroyed, are redeemable at one-half the full face value of whole notes or certificates. 18. Fragments less than half are redeemed only when accompanied by an affidavit executed in accordance with the requirements of the following paragraph. 19. Notes and Certificates, of each of which less than three-fifths remains, accompanied by an affidavit from the owner or from such other persons as have knowledge of the facts, that the missing poi turns have been totally destroyed, are, if the proof furnished is satisfactory, redeemed at their full face value. Tile affidavit must state the cause and manner of the mutilation, and must be sworn and subscribed before an officer qualified to administer oaths, who must affix his official seal thereto, and the character of the affiants must be certified to be good by such officer or some other having an official seal. The Treasurer will exercise such a discretion under this regulation as may seem to him needful to protect, the United States from fraud. 20. Fragments not redeemable are rejected and returned; counterfeit notes are branded and returned. VII.—Redemption of National-Bank Notes. 21. National-Bank Notes are redeemable by the Treasurer of the United States in sums of $1,000, or any multiple thereof. 22. Notes equalling or exceeding three-fifths of their original proportions, and bearing the name of the bank and the signature of one of its officers, are redeemable at their full face value. 23. Notes of which less than three-fifths remains, or from which both signatures are lacking, are not redeemed by the Treasurer, but should be presented for redemption to the bank of issue. Fragments less than three-fifths are accepted filffil the bank of' issue for face value by the Treasurer only when a(Tomportions have been entirely destroyed. panied by evidence, as required by paragraph 19, that the in 21. Fragments redeemed by the bank of issue fin. less than face value are accepted by the Treasurer only when their valuation is equal to the face value of a note of sow denomination issued by the bank, or some multiple thereof. The required valuation may be made up of several fragments of notes of the same or different denominations, provided the total valuation of the fragments of each denomination be $1, or some multiple thereof. Fragments not clearly more than t wo-fifths are acceptable only when accompanied by evidence, as required by paragraph 19, that the missing portions have been entirely destroyed. 25. It having been decided that National-Bank Notes, stolen when unsigned, and pnt in cirenlation with forgeil signatures, are not obligatory promissory notes of the banks under section 5182 of the Revised Statutes, they are not redeemed by the Treasurer. 26. Notes of National Banks that have failed are redeemed in the same manner and on the same terms as United States Notes. VIII.—Redemption of Fractional Silver Coin. 27. Fractional Silver Coin is exchangeable for lawful money of the United States in sums of $20, or anv multiple thereof, by the Treasurer or any Assist:int Treasurer of the United States. 28. The coin should be put up by denominations, and each package marked with the amount it contains, 4 29. No mutilated coin will be redeemed. Reduction by natural abrasion is not considered mutilation. 30. When the coin is forwarded by express it should be addressed to the Treasurer of the United States. IX.—Redemption of Minor Coin. 31. Coins of copper, bronze, and copper-nickel may be presented in sums of $20, or any multiple thereof, assorted by (li'uuouiuiuiat ions a nd issues, to the Treasurer or any Assistant Treasurer,for redemption in lawful money. 32. A letter of advice 5110111(1 accompany the package, stating the amount and kind of coin, and the name of the owner. 33. Minon Coins so mutilated that they cannot be identified, or materially reduced in value by chipping or otherwise, will not be redeemed. X.—Mode of Transmission to the Treasurer. 34. When a person making a remittance, either by mail or by express, fails to give his full name and post-office address, including the State, the remittance is retained until the name and addres s are furnished, together with a satisfactory description of the package claimed. 35. United States Notes, Fractional Currency, and National-Bonk Notes should be put up in separate packages and be accompanied by separate letters of advice. When the amount sent at one time exceeds eight thousand notes, it should be put in several packages of not exceeding eight thousa nd notes each, marked A, B, C, respectively. 36. United States Notes and Fractional Currency 511011(1 be assorted by denomi nations and put up in paper straps at least one inch in width. Strings and rubber bands should not be used. One hundred notes, and no more, sh(mld be placed in each strap, 1111(1 the strap should be plainly marked with the amount and denomination of the contents. 37. A letter of advice, or inventory,describing the contents by parcels and amounts, and total footing, written on not less than half a sheet of commercial-note paper, should he inclosed with each package. It should give the address of the party sending and the disposition to be made of the proceeds. 38. The package thus prepared, if sent by express, should be sealed up in stout paper and addressed to the Treasurer of the United States. It should be plainly marked on the outside with the owner's name and full address, the amount inclosed and the nature of the conten ts—whether United States Notes, Fractional Currency, or National-Bank Notes, the disposition to be made of the proceeds, and that it is forwarded under Government contract, if such be the ease. 39. All remittances of money by mail for redemption should he addressed to the "Treasurer of the United States, Washington, I). C." 40. It is the duty of Postmasters to register free of charge all letters .cmitaining Currency of the United States addressed to the Treasurer for redemption, on which the postagtliasteen fully prepared, and all letters containing new Currency returned by him therefo r. It is recommended that all such letters be registered as a protection against loss. 41. Itemittanees to the Treasurer by mail, and 1'' urns thereibr by mail, are invariably at the risk of the owners. All communications to the Treasurer, in regard to packages lost in the mail, are referred for investigation to the Chief Post-Office Inspector, Post-Office Depart ment, Washington, D. C., to W110111 :111V subsequent inquiry on the subject should be addressed. XI.—How Returns are Made. FOR REMI'1"1‘ ANCES BY EXPRESS. 42. For United States Notes or Nation tl-B talk Notes, sent in any amounts, returns will be made in new United States Notes or Fractional Silver Coin, of such denominations as may be asked for. 43. For United States Notes,Fractional Silver Coin, or Nat ional-Bank Notes, sent in III tiltipleS of $500, Standard Silver Dollars will be sent from the Mint. 44. For National-Bank Notes sent from cities in which there is an Assistant Treasurer, returns will be made by the Treasurer's transfer.cheek on the Assistant Treasurer in that city. 45. For National-Bank Notes sent from other places, returns will be made by the Treasurer's transfercheck on such Assistant Treasurer as may suit the convenience of the Treasury, payable to the order of the sender or of his correspondent. 46. For Fractional Silver Coin sent in multiples of $20, returns will be made by the Treasurer's transfer-check on any Assistant Treasurer U. S. 47. For Minor Coin sent to an Assistant Treasurer, returns will be made only by the Treasurer's transfer-check. If sent to the Treasurer, returns will be made either by transfer-check or in Fractional Silver Coin by express. 48. For United States Notes, upon which the express-charges have been prepaid at private rates, returns will be made,if so requested, by the Treasurer's transfer-check drawn on any Assistant Treasurer, payable to the order of the sender or of his correspondent. In all other cases, returns are made directly to the sender. 49. Shipments as above indicated will be made only to points in the United States reached through established express lines by continuous railway or steamboat communication. FOR REMITTANCES BY MAIL. 50. For United States Notes sent in sums less than $5, new United States Notes or Fractional Silver Coin will be returned at the owner's risk, free of charge, by registered mail. 51. For United States Notes sent in sums of $5 or more, returns will be made by the Treasurer's transfer-check on any Assistant Treasurer U. S., or, if requested, in new United States Notes or Fractional Silver Coin, at the owner's risk, free of charge, by registered mail. XII.—Express-Charges. EXPRESS-CHARGES PAID BY THE GOVERNMENT. 52. On remittances of public money between the offices of the Treasurer and of the Assistant Treas- urers of the ITnited States. 53. 54. On Sandard Silver Dollars sent from the Mint in sums of $500 or its multiples. 55, Oa Fractional Silver Coin sent by Ow Treasurer in sums of $500 or its multiples. 56. On National-Bank Notes sent to the Treasurer for redemption in sums of *1,000 or its limit ipies. EXPRESS-CHARGES NOT PAID BY THE GOVERNMENT. 57. On United States Notes sent for redemption in packages consisting in W11010 )r in part of notes tit for eirefil:it ion, or ofother Notes than ITnited States Notes,or containing other amounts than multiples of $500, and on United States Notes sent in any amounts for credit of the five per cent. redemption fund, the charges, if not prepaid, are deducted from the proceeds at contract rates. islttaittoa otp Jo 41100iiii: 1311 timm aq sgtimpi !pions sanyloy,f `-la(IAttum )114 110 Siairam 1I) .t sdrito!).14) splivs -mop itoAa Jo omit:mum.' 114!." posoloii! so.`41.ffila RW,1.0 1X0 JO .0110iiin d41,1 ot)r144 s! 4)K •12, .4atia400) 411.)4401.10.‘09 mil • sniun 01Ij 1110114!.11 tqii!(141 t40:1111'4W1110.1 0114 itailm ao 41)ludajd ;til! s,dat ola ati4 paptixo sopa do.‘0 10.14110o ou si:Ii •1)0!1 .01 4! .14) 04)!Iitiaodsmi1i laA!.t do uotg oaitaquio 400 soot) 4114 1 44.44441oti-tstst--issTeolt ‘-r.ttrrir-eit--ti+itoril : 40 0Ntillidtiel'tt2artpti ,) put: s().11t44; panun. so4c4s 1401! :11.1011411os tsot4.101. may, t t imaisua t thialwaAk ptiu 4 1!IIIIVA11:10Urt 4oa1Jnt -114-41 iud4114);) sumpy sRoddx,) niqmolloj on4.40 sou!! on) 1i.tr1ma1i4 .1.1!.1k !1!.I S1101111Illl00 OICHRROOMI Soluis pallun inimm spuo4xa laralima ain .69 •oulus ai14 nut.c.inia ssoadxo natio O4 spiaa owl uittiii!ii!iu im.tt '0004 1$ Jooaiad ain 4011 '000,1* Jo spud ittilonotidd •tuits 4Bill limbo lou soop olvd 1),Hodas J11111 10.r1.11111'.1 WV 400c* .tiii!pagaxa .-).1(1 011J .41? 00111}4t91) 0114 11,)11A1 4!Z;111.C.1.1110 ss0.14 iXa 11011a 04(:004 1;.10(1 3JO 0111J 11111111 !11p11 I1(11.1k 4000 I )1 .1i)(1 01!111 dad luaa ti sit4uo4-x!s s! 41!4),)aoAus .44)414)!ff4aodsuudi 0411 .10J 041.1 401%14110J 411i)(1111.1.).10i i111,1, 's9 .atun oil4 nii!Xdatia ssoadxa o4 sluaa er,.10 44111441!ii!til Tot '000'1 JO oa!ad oil4 .411!1! ponduila 0.111 '00e* tu!paoaxa lou 'oc0'1* .40 slim(' ruitopard„! .1110s 41111 ivul)o IOU soot) olva poydrosodd UIJ I3 oaiittmp alp 11011A 4.t11!.0.(1!.) s80.t(lx,) natio 04 '0(H)' !* aad i44itaa oe JO 11111111!upit J 111!.‘‘ '000'1* aa(1 )1!1t1 dad 4uaa u JO Ja4autib-otio s! 0!4),) ploo JO uo!ffidodstrull top aoj opia 4atid4i10a litauludaA0;) •04.• s! 4! uoil.%% 400!xaic AK '0p1ia0(0c).‘1:31simgax 'sniff)! ‘stixoj, `susilulay Jo sams oto ti! s4u!od uto.i.4 .10 04 ldoaxa 'Xiir dwoo ssoa(lxo amp() XIIU J1) .1..1041.1..104 Olil 11!1[4!sii s11114)(1 04 . 41003010 4.11111 11'.110!4:111.1J .10 40001* 11 311) 09 11111: 4SUI1(111100 W.S'al(IN:q smutty .9q4 Jo.,cao41aaa4 ati4. ii!4[4!.‘‘ sitimd 04 'J00,10114 4ard pt110pora.4 do '000'1* aod spioa aoj0a0n4 p011at14aa N040K sayis pawl11 aoj Put: 'fisud soommpuod etp soimasotim aaAo Surduma svaadxo novo 04 Ijoodain lattd plimpaudj ao '000'1$ aad s4 uo;) Lc s!tio9dtuapaa aoj uo4n1imstim03sa40.g jo uoi4u4a0dsura4 0114 .10.1 0413a au .99 aoj .0so14 jo Jitittauo SO41J 0q3 400eit pooaxa 3011fi001) oautimitaa alp "atm& Ill eg s! 94ti1 0114 tiaqm 41140)4134 I puttoa!xaN mos,-'optiaoloo ‘stisiium 41S1iX0,1„ ‘San4(11:)1.1V 11110d 1110.1 . 1 .10 04 1(1)0X0 4S11111[11100 tqW0..I dX0 J01140, SIM JO Sa04!‘1a04 9q4 ii!ii4!At spilod 1110.1J JO 04 S00111!4W110J aoj JO0.10l13 4.11N1 it:imuouaj JO '000'T* J(1 S41100 09 Pim ‘Struiltuo0 ssoadxa suitipy 0114 jo Saimaaal slu!od itma.4 .10 04. ,s00t1it44!ilio.1 .1O 4a131 it:11093w.! au '0001* tad 841.100 trr, Poit1114o.t saloK toms powin Jo pit: 'ito!plitiapaa p041(111 Jo uo!lit4dods1113d4 01l4 aoj saw.' 4ottia3Iioa 4uomii.1oAut) JOJ .10.11181!0JJ, 0114 04 8040N S04134s '.2usivaitToo ssaltaxa HILL ILLIAI IOVILIMOD xmahlts17114A09 •s4utiq 01(4 Sq intid aq lsitut sonatina alp 4ttopotuisu! Jo wow! doptitt 4s0R134ts0ilau 3111111 1-ItiliontiN umaj spurij Jo 8aaJsir11a4 up .r9 .paptipop 0.111 $0413.1 401:J41100 311 sonatina am .1101%1 4.10.1118110.II 41111481Siqy ,11() 1141.1i slisodap .149 11ai14o1 111 4.101111S13, 1.1it 0114 1.110JJ 8Jo().10 110 411M 0114 WOJJ 41108 11100 NOD 110 .c9 •pootipap are salmi 4011.141100 411 sonatina am '00e* Jo said! lit:114 stuus aa1140 41 potuaopaa saws'sams paptin aoj patia1 140a samK s94114s poptin 14) •z,9 .polatipap 0.111 S0411J 4013.141100 vsantitla 9113 `pataiaapaa 8040A11lt1lliL1U0f l13K.10.1 youttu4aa 8040K sopiqs.paltun u(). .19 .aapiias alp pludaad og 4811u sonatina mu 'aaansuaaj, 4ttu4sIssv Situ ao ‘aanisuatu 9114 03 tioudt tiapaa aoj was illoD aolim 110 .09 •aapttas 9114 Sq prudaad on lsutu $onatina 0114 'uo!ldtuapaa aoj lugs moo aaius it:uollatiad 110 .6g .salua 4913a4tt00 311 81)0000ad 14tuo.0 polattpop 0.113 'pludoad 4011.4! 'sonatina impdutapaa aoj was saws' )1u13tulittio14uisi Ito •gf; 0'14 `00041$ JO 800141111U 1113114 13411110Ul13 101(40 11! 9 XIII.—General Information. s under this Circuto receive drafts of banks and banker d ize hor aut not are s rer asu Tre ant 72. Assist the Clearingmay receive drafts collecIi! le I h rough k Yor New in rer asu Tre ant ist Ass lar,except that the Dollars and Fractional Silver Coin. Itouse, in payment for Standard Silver charged with ires "that all United States officers requ 64,) es, tut Sta (19 6, 187 30, e 73. The act of Jun write in of National Banks shall stamp or cers offi all and , eys mon lic pub of I he receipt or disbursement the form upon all fraudulent notes issued in s,' hles wort or ' red, alte ," eit erf unt h plain letters the word 'co at their places of business; and if suc ted sen pre be l shal ch whi ey, mon as, y of, and intended to circulate es, or of the National Banks, the Stat ted Uni the of e not e uin gen any officer shall wrongfully stamp notes at the face value thereof." shall, upon presentation, redeem such not be paid entirely one payment to the Government can any in s due of unt amo l tota the n 74. Whe al part of a dollar, or greater, because involving a fraction ar doll one of s ion nat omi den of ey in lawful mon one dollar, but when the s ()I denominations of less than coin er silv in d pai be may t par such tractional silver coins such total amount may be paid in the ars, doll ten eed exc not s doe s due h total amount of suc of denominations of less than one dollar. icate, the checks, and upon application tbr a dupl his of one of ion ruct dest or loss 75. In case of the of indems the applicant with a form of bond ishe furn and ck, che inal orig the of t Treasurer stops paymen cuted, a duplicate is issued. nity, upon return of which, properly exe oh svrvon all officers of the I >ei)autinent, and ed oin enj is ons lati regu ing ego For Compliance wit Ii the all making remittances to this office. ance thereof will be expected of AN, JAS. GILFILL Treasurer U. S. A ppro ved: CHAS. J. FOLGER, Secretary of the Treasury NOTICE. ISSUE OF STANDARD SKIER DOIIIRS, SUER CER1IFIC1TES, AND FRACTIONAL SKIER COIN. STANDARD SILVER DOLLARS are forwarded by the Mint by express, at the expense of the Mint,in sums of $500, or any multiple thereof, and by the Treasurer by registered mail, free of charge, in sums of $65, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by the Treasurer of an original certificate issued by any Assistant Treasurer or National-Bank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and col!ectible through the Clearing-House, forwarded directly to him, with instructions to deposit the amounts on account of Standard Silver Dollars, and to forward the certificates therefor to the Treasurer. II. Upon the receipt by the Treasurer of United States Notes, Fractional Currency, Fractional Silver Coin, or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. STANDARD SILVER DOLLARS are also sent by express, at the expense of the Mint,in sums of $500, or any multiple thereof, directly from the Mint in NEW ORLEANS,PHILADELPHIA, or SAN FRANCISCO,for deposits of Currency or Gold Coin with the Assistant Treasurer in the same city. SILVER CERTIFICATES.—Upon the receipt by the Treasurer of an original certificate issued by the Assistant Treasurer United States at New York that there has been deposited with him Gold Coin in the sum of $500 or any multiple thereof, payment of a like amount in Silver Certificates will be directed to be made by any Assistant Treasurer of the United States that the depositor may designate; or the Certificates NViii he forwarded by express by such Assistant Treasurer to any point designated by the depositor, at the expense of the Consignee. Silver Certificates will be furnished in exchange for Gold Coin by any Assistant Treasurer of the United States. FRACTIONAL SILVER COIN is forwarded by the Treasurer by express, at the expense of the Government, in sums of $500, or any multiple thereof, or by registered mail, free of charge, in sums of $70, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by him of an original certificate issued by any Assistant Treasurer or NationalBank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and collectible through the Clearing-House. tbrwarded directly to him, with instructions to deposit the amounts Oil account of Fractional Silver ('out, and to forward the certificates therefor to the Treasurer. Upon the receipt by him of United States Notes or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. A. U. WYMAN, TREASURY OF THE UNITED STATES, Washington, D. C., August 15, 1883. [Ed. 8-15-'53-71500.] Trectsarer U. S. CIRCULAR. EX PRESS-CHARGES ON FRACTIONA L SILVER COIN FORWARDE D BY TII E TREASURY TO BE PAID BY TI I E GOVERNMENT. .1884. Department No.65. Treasurer's Office, No. 46. i utuarq trt fly I4.•n1ft5 Sfaff5, /frPaoL;rti , • ,Yaa " iRSV. An appropriation for the transportation of fractional silver coin having been made by the Act of May 1, 1884, the Treasurer of the United States will forward such coin by express, at the expense of the Government, in sums of $500, or any multiple thereof, or by registered mail, free of charge, in suni of $70, or any multiple thereof, at the risk of the party to whom sent1.—Upon the receipt by him of an original certificate issued by any Assistant Treasurer or NationalBank Depositary that a deposit of currency or gold coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his 4)14 hi, and collectible through the Clearing-House. ti)rwarded directly to him with instructions to hi osit the a nnlunt s on account of fractional silver coin, and to forward the certificates I herefor to the Treasurer. 11.—U1)on the receipt by him of United States notes or National-Bank notes. III.—Upon the receipt and collection of a draft on New York, payable to the it of the United States, and collectible t',rough the Clearing-House. of the Treasurer A. I'. WYMAN, Treasurer U. A. Approved: CHAS. .1. FOLC.14,1t, Secretary of thc l'reasury. CIRCULAR RELATIVE TO THE MANNER IN WHICH STANDARD—SILVER DOLLARS MAY BE OBTAINED. 1879. Department No. 4. Secretary's Office. Crrazm ptprfnunt itguat; 74n, Ianceaiy 1 1ffl77. The Treasurer of the United States has been directed, upon the receipt by him from any person of a certificate, issued by any Assistant Treasurer, Designated Depositary, or National Bank designated as a public depositary of the United States, stating that a deposit has been made to his credit in general account of the sum of one thousand (1,000) dollars,(that being the smallest amount shipped by express at Government rates,) or any multiple thereof, to cause a shipment to be made from some Mint of the United States to the person in whose name the certificate is issued, of a like amount of Standard-Silver Dollars, the expense of transportation to he paid by the Mint. Until further notice, upon receipt by the Treasurer of the United States of United States notes or National-Bank notes sent for redemption, in multiples of $1,000, Standard-Silver Dollars will be returned under the provisions of this circular. It is expected that the coin furnished as above will be put into circulation by being furnished to Public Disbursing Officers, anti to all persons or corporations who desire it for use or distribution as current money. The Assistant Treasurers of the United States are also authorized to use the Standard-Silver Dollars in their vaults for the general purpose approved in this Circular. United States Disbursing Agents and Paymasters who obtain funds for disbursement from Assistant Treasurers or Depositaries are requested to procure Standard-Silver Dollars when practicable,for disbursement. Shipments as above indicated, however, will be made only to points in th€ United States reached through established express lines by continuous railway or steamboat communication. Secretary. CIRs OBTAINING SILVER COIN FROA1 THE UNITED STATES TREASURY. 1881. Dews rt'Jamul No.23. retary's Office. (Truoury ifrettiL129101-t_, path/flint, ,y&egic4 In accordance with the provision in the Act making appropriations for the Sundry Civil Expenses of the Government, approved :March 3, 1881, to wit: "That the Secretary of the Treasury be, and he is hereby, authorized and directed to transport,free of charge, silver coin when requested to do so: Provided, That an equal amount in coin or currency shall have been deposited in the Treasury by the applicant or applicants;" until further notice, fractional silver coin and standard silver dollars will be sent by express, free of charge, if so requested, under the regulations of this Department, in sums of $500, or any multiple thereof; or by registered mail, free of charge, if so requested, in sums of 160, or any multiple thereof not exceeding $300, at the risk of the person to whom sent. Any correspondence pertaining to this matter should be addressed to the Treasurer of the United States, Washington, D. C. WILLIAM WINDOM, Secretary. 1\TOrl'ICM. ISSUE OF STANDARD SILVER DOLLARS, SILVER CERTIFICATES, AND FRACTIONAL SILVER COIL STANDARD SILVER DOLLARS are forwarded by the Mint by express, at the expense of the Mint, in sums of $500, or any multiple thereof, and by the Treasurer by registered mail, free of charge, in sums of $65, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by the Treasurer of an original certificate issued by any Assistant Treasurer or National-Bank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and collectible through the Clearing-House, forwarded directly to him, with instructions to deposit the amounts on account of Standard Silver Dollars, and to forward the certificates therefor to the Treasurer. II. Upon the receipt by the Treasurer of United States Notes, Fractional Currency, Fractional Silver Coin, or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. STANDARD SILVER DOLLARS are also sent by express, at the expense of the Mint, in sums of $500, or any multiple thereof, directly from the Mint in NEW ORLEANS, PHILADELPHIA, or SAN FRANCISCO,for deposits of Currency or Gold Coin with the Assistant Treasurer in the same city. SILVER CERTIFICATES.—Upon the receipt by the Treasurer of an original certificate issued by the Assistant Treasurer United States in New York that there has been deposited with him Gold Coin in the sum of $500 or any multiple thereof, payment of a like amount in Silver Certificates will be directed to be made by any Assistant Treasurer of the United States that the depositor may designate; or the Certificates will be forwarded by express by such Assistant Treasurer to any point designated by the depositor, at the expense of the consignee. Silver Certificates will be furnished in exchange for Gold Coin by any Assistant Treasurer of the United States. FRACTIONAL SILVER COIN is forwarded by the Treasurer by express, at the expense of the Consignee at Government-contract rates, in sums of $500, or any multiple thereof, (express-charges being deducted by the Treasurer U. S.7)or by registered mail, free of charge, in sums of $70, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by him of an original certificate issued by any Assistant Treasurer or NationalBank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may he made by drafts payable to his order, and collectible through the Clearing-House, forwarded directly to him, with instructions to deposit the amounts on account of Fractional Silver Coin, and to fbrward the certificates therefor to the Treasurer. II. Upon the receipt by him of United States Notes or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. TREASURY OF THE UNITED STATES, Washington, D. C., December 11, 1883. fEd. 12-11-'83-1,000.] A. U. WYMAN, Treasurer U. S. 1\TOTIOM. -441.1101.. Issue of Standard Silver Dollars and Fractional Silver Coin. STANDARD SILVER DOLLARS are forwarded by the Mint by express at the expense of the Mint in sums of $500 or any multiple thereof, and by the Treasurer by registered mail, free of charge, in sums of $65, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by the Treasurer of an original certificate issued by any Assistant Treasurer or National-Bank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and collectible through the Clearing-House,forwarded directly to him, with instructions to deposit the amounts on account of Standard Silver Dollars, and to forward the certificates therefor to the Treasurer. II. Upon the receipt by the Treasurer of United States Notes, Fractional Currency, Fractional Silver Coin, or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. STANDARD SILVER DOLLARS are also sent by express at the expense of the Nita in sums of $500, or any multiple thereof, directly from the Mint in NEW ORLEANS, PHILADELPHIA, or SAN FRANCISCO,for deposits of Currency or Gold Coin with the Assistant Treasurer in the same city. FRACTIONAL SILVER COIN is forwarded by the Treasurer by express, at the expense of the Government, in sums of $500, or any multiple thereof, or by registered mail, free of charge, in sums of $70, or any multiple thereof, at the risk of the party to whom sent— I. Upon the receipt by him of an original certificate issued by any Assistant Treasurer or NationalBank Depositary that a deposit of Currency or Gold Coin has been made to the credit of the Treasurer in general account. Deposits with the Assistant Treasurer in New York may be made by drafts payable to his order, and collectible through the Clearing-House, forwarded directly to him, with instructions to deposit the amounts on account of Fractional Silver Coin, and to forward the certificates therefor to the Treasurer. II. Upon the receipt by him of United States Notes or National-Bank Notes. III. Upon the receipt and collection of a draft on New York, payable to the order of the Treasurer of the United States, and collectible through the Clearing-House. JAS. CULFILLAN, Treasurer U. S. TREASURY OF THE UNITED STATES, Washington, B. C., July 20, 1882. i\TorTicm.. STANDARD SILVER DOLLARS. Upon receipt at this Office of a certificate issued by any Assistant Treasurer or National I aiik Depositary that a deposit of Currency has been made, or upon the receipt at this Office of United States Notes, Fractional Currency, Fractional Silver Coin, or National Bank Notes, or upon the receipt and collection of a check on New York, payable to the order of the Treasurer of the United States, in sums of $500, or any multiple thereof, Standard Silver Dollars will be sent from the Mint of the United States, at the expense of the Mint, to any point accessible through established express lines reached by continuous railway communication. STANDARD SILVER DOLLARS will be sent, as above, directly film] the Mint in NEW ORLEANS, PHILADELPHIA, or SAN FRANCISCO, upon the certificate of the Sub-Treasurer in the same city, thereby avoiding delay in having the transaction confirmed by this Office before remittance. STANDARD SILVER DOLLARS will also be sent from this Office, free of postage, by Registered Mail, in sums of $65, at the risk of the party to whom sent, and at his expense for the registration fee of 10 cents, to be deducted at this Office from the remittance. FRACTIONAL SILVER COIN will be sent from this Office, for deposits as stated in the first paragraph above, and the transportation charges will be deducted at this Office from the remittance at Government contract rates, whieli are six mills per mile per $1,000, with a minimum rate of $1 per $1,000 to each Express Company, and half rates for .500 or less. FRACTIONAL SILVER COIN will also be sent from this Office, free of postage, by Registered Mail, in sums of $70, at the risk of the party to whom sent, and at his expense for the registration fee of 10 cents, to be deducted at this Office from the remittance. JAS. GILFILL A N, TREASITRY OF TI1E UNITED STATEs, Washington, b. C., August 26, 1880. Treasurer U. S. An Act For the Purpose of Relieving the Money Stringency in any and all Parts of the United States, to Enable Banks to Secure Currency for the Purpose of Moving Crops. and for the Purpose of Relieving or Preventing a Congestion of Business From the Lack of Circulation Throughout the United States. :-: Article 1. The United E'tates Treasurer is hereby authorized, empowered and directed to issue and keep on hands sufficient amount of Treasury notes to supply the National banks throughout the United States with currency from time to time as necessity may require. He is further authorized, empowered and directed to supply to all the Sub-Treasurers of the United States a sufficient amount of said Treasury notes to supply the territory tributary to said points where said Sub-Treasuries may be located. He is further authorized. empowered and directed, as in his judgment it would be for the best interest of the various parts of the United States to establish Sub-Treasury Agents in each and every state for the purpose of carrying out the purpose of this Act. Article II. The Treasurer of the United States, any Sub-Treasurer or Agent appointed by him shall be empowered, authorized and directed to loan to any National bank doing business in the United States, and tributary to the nearest point where said Treasury, Sub-Treasury or Agent may he located, a sum of money not to exceed seventy-five per cent (75) of the capital stock of any such bank, and shall be authorized and empowered to accept as security for said loan, notes, bills receivable or other securities, of any such bank, in double the amount of the loan so made to The Treasury Departsuch bank. ment, Sub-Treasury or Agent shall be subrogated to all the rights and powers over the securities as may be vested in the bank furnishing them. Article HI. All such loans made to 'hanks by the Treasurer or through the Sub-Treasuries or Agents, shall not run for a period longer than six months from the date of negotiations, and shall bear the following rate of interest per annum, to-wit: Four per cent (4) for the first month, Five per cent (5) for the second month, Six per cent (6) for the third month, Seven per cent (7) for the fourth month, Eight per cent (8) for the fifth month, and Nine per cent (9) for the sixth month. Article IV. When securities are put up as collateral in accordance with the foregoing section, and any of them mature before the loan made by the bank, it shall have the right to substitute other security maturing at a latter date in lieu thereof. Article V. If any bank should fail or become insolvent during the period it has a loan from the Treasury Department as herein provided for, the said Treasury Department shall have a first lien on all the assets of said bank until said loan is fully paid. Article VI. The Treasurer of the United States is 'hereby authorized, C mpowered and directed, whenever any loan or any part of the same is paid off, to withdraw and cancel an equal amount of Treasury notes from circulation, and he shall have the further power to require all National hanks to keep all Treasury notes listed in their assets from day to dry, and he is hereby empowered to call in the same in any such amounts as he may deem necessary by substitoting a like amount of other money for circulating medium. Article VII. All rules and regulations necessary to the putting into force the above measure shall be vested in the Treasurer of the United States, and he shall have full power to make such rules and regulations as is necessary to carry forward the business contemplated under this law, and shall have the power to appoint all Agents deemed necessary for the successful operations of this law. He shall also have the power and authority to rent buildings, equip and furnish them in the proper manner to carry forward the said business. Article VIII. It is further ordered that all necessary money which may 'be required to put into operation this law shall be payable from the appropriation made for the general support and maintenance of the United States Treasury Department. Article IX. The treasurer of the United States shall annually make a report showing the profits or losses accruing from the operations of this bill, and submit same to the Congress of the United States. The above Bill is submitted to the person addressed for your consideration and approval or criticism, beHet ing it is a simple, sensible method of making a flexible currency and prewilling a spasm in financial affairs. Very truly yours, J. W. ORB, Prest. Of First Nat'l. Bank, Tulsa, Okla. The Urgent Need of an Expansion Joint in our Monetary System or the Consequences of Doing Business With an Inelastic Currency A Paper Read to the Passaic Board of Trade by Robert D. Kent, President of The Merchants Bank of Passaic, Passaic New Jersey, June, 30th, 1910. My excuse for this paper is a general banking experience of thirty-five years and during the last ten years of that period a somewhat thoughtful consideration of the special questions involved. The expansion joint is a well known device in mechanics. If you should walk over the Brooklyn Bridge you will sec a place where steel plates slide over each other in the roadway, and if you should ask the purpose they serve you will be informed that it is an "expansion joint," to allow for the effect of heat and cold in expanding- and contracting the metal of which the bridge is built. Your watch has in it a device known as a "balance wheel" which is an expansion joint to enable it to (I() its work correctly regardless of the expansion by heat or the contraction by cold. Please note that while the name is "expansion joint," the thing really is an expansion and contraction joint. Bear with me for a little and T vill endeavor to make use of this idea of the expansion joint in mechanics to illustrate some of the ill effects we experience because we have no expansion joint in connection with our circulation of currency or because in the terms of the old, but I fear not generally understood expression, "our currency lacks elasticity." Last year the value of our principal crops amounted to 4,652 million dollars. Practically all of this is harvested and marketed in the fall: hence we require great amounts of money to "move the crops." We hear that term very frequently but T do not think many of us realize what is implied by it. Several years ago I was in Nebraska, and with some other men was starting to drive out into the country from a town on the railioad. One of our party who lived in the town called our attention to a man driving into the place with several hogs in his wagon. Ile said, "that man will sell his hogs and get twenty-live or thirty dollars for them, and will spend five or six dollars for groceries and supplies, and take the balance of fly., money back into the country to his home ten or fifteen miles from the railroad. The next week he will repe; t the operation. The money he takes back with him each week will go to make lip a fund which will last him for his family expenses until the following spring." I then woke up to the fact that several million farmers wee doing the same thing all over our broad land, and I had a larger conception of what it meant to furnish inmey to "move the crops"—the cereal and other products of the West and the Cotton of the South. If the fanner had a 1);(n1; account and deposited his receipts to his credit with his bank, such money could be used )v.et and over again, and when the active shipping to the East was over the surplus money in the banks of the ‘vestern and southern towns would in a comparatively short time find its way back to the money centers of the country, and the banks of these centers would send their surplus supply to New York. We can have no accurate statement of the amount of money needed each fall to move the crops, nor just how long it will be before it gets back again to) the money centers; but a fair estimate would be that 200 or ::00 million dollars is required each fall for this purpose, and that in January February and March nearly all of the crop-moving money will be restored to ordinary circulation. Now it is in order to inquire where the large amount of money needed each year is obtained, and at what cost. To a very limited extent do the banks at the money centers carry much over their legal reserve from which to contribute. They do, however, have considerable in demand loans which are called in, to the disturbance of the security market. Next they refuse much needed accommodation to merchants and manufacturers to whom they would willingly lend at other seasons of the year. This helps some more. The banks also collect—all maturing time paper which may have been purchased from commercial paper dealers from April to) July. In other words, financial strain is caused on every hand. If by such efforts in our own country, money enough is not obtained, we also disturb the money centers of Europe, as I shall show later. In a short paper such as this must be I can give only outlines of processes. Intelligent bankers and business men can till in the details. So far I have dealt with the trouble caused by lack of the ability of our currency to expand when special funds are needed. Now for a few words on the results of the inability to contract when money is unduly abundant. In the Spring and early Summer of 1909 'hi en the crop-moving money had all been returned to the money centers, there was a considerable time when call-money was plentiful at from 1 / 1 2 to 2 per cent. In the early spring I was in the office of a Stock Exchange House in New York, and while discussing the increased supply of money with a member of the firm, he remarked, "In two or three weeks the banks will In crazy with money"—his idea being that almost any rate would get it, and that the banks would not be severely critical as to the character of the co!;ateral required. For a period of two or three mcnths a hitt1 later than this, the dealers in Commercial paper were going about among the business houses of New York, and. where, offering amounts of from $25,000 to $100,000 or more on the single name paper of the probably elsecent. It needs but little imagination to see how this condition would lead to undue inflation firms at 3V2 per of. the prices of securities, to the flotation of unwise ventures, and to the undue use of credit by the commerci al and manufacturing community. James B. Forgan, President of the First National Bank of Chicago, in an address says, "In the long run commerce suffers more from periods of over abundance of money than from those of scarcity. The origin of each recurring period of tight money can be traced to preceding periods of easy money. comes so overabundant that bankers, in order to keep it earning something, have to forceWhenever money beit out at abnormally low rates of interest, the foundations are laid for a period of stringency in the not far distant future, for then speculation is encouraged, prices are inflated, and all sorts of securities are floated." During one part of the year we are distressed to supply 200 or 300 million dollars extra currency. During the other part we do not know in what legitimate way to use a considerable portion of it when its special service is over. In other words we do a volume of business vastly changing in size with practicall y a fixed quantity of currency. Does not this show the need of an expansion joint? In support of my statement that in our annual needs we disturb the money centers of Europe, I will quote in full a special cable dispatch from London to the New York Times published March 19th, of this year. It will be found full of instruction for us, and is under the heading—"To Steady the Money Market." "London, March 18.—In connection with the Bank of England's advance in official discount rate this week, The Statist will, in to-morrow's issue, draw attention to the action of one the of the joint stock banks, which if pursued systematically and on a requisite scale, may have most powerful English the future course of the money market. Last Autumn, when the American demand considerable influence on forced the Bank of France to come to the assistance of the London money market, the joint stock bank in question which it previously accumulated, thus diminishing the demand on the Bank of England. sold freely of gold "As it did previously when the metal was cheap, the bank this year is again buying lines various reasons which may be actuating the Directors, but inclines to the belief gold. The Statist outto steady the rates, instancing the claim of the Bank of France that by not greatly that their main object is varying the rates it conferred incalculable benefits upon French trade in all its forms." "If the joint stock bank to which we refer." adds The Stoi.o. "can succeed in preventing the extreme oscillations in the rate of discount to which we have long been accustomed, it unquestio nably will perform a great public service." "In conclusion, The Statist urges co-operation among the London banks to this object. The article has a peculiar point at the moment, when there is a wide-spread belief that the secure Bank of England will not be able to make its official rate effective, for up to the present the discount rate in the open market has not responded to the increase in the official rate.The other nations of the world do not have such agricultural crop to handle each year as we do. They have not the same need for an elastic currency. Their lesser need, however, is provided for. In support of this statement I will quote from a recent issue of the Wall Street Journal in which the Postal Savings Bank Question was being considered. It says, "Every country in Europe having a Postal Bank ing system which prevents panics and specie suspension, and affords inexhaustible resourceshas a central bankthrough its power of note issue and its relation to foreign markets, for meeting unusual demands." It is not entirely correct to, say that we have no expansion joint in our method of relief is Clearing House Certificates, but we never use that method currency system. One such until the case is so desperate that a panic is upon us and we face disaster. These certificates have been resorted to but three or four times in forty years, and have averted financial catastrophes. lint they fall short of serving us to the best advantage even when issued, because they do not go from city to city, and because they are not nominations for wages and small transactions, except as they were so used in a few cities issued in small dein 1907 in .direct violation of law. Clearing House Certificates as generally used, w hile not in violation of law, are not authorized by it. The present Emergency Currency law is an earnest attempt .to furnish us with elasticity 'adapted to our comparatively moderate extra needs each fall. It is more for the purpose of , but it is not helping us to recover after we have been seriously hurt. A few changes in the law would, I feel sure, make it extremely useful. During the past two years we have, as a people, made considerable advance in our knowledge of the principles governing the circulation of currency. Many bankers and economists are studying the question, and undoubtedly some adequate form of relief will ultimately be devised. In order that the Proper solution of the situation may be arrived at it is necessary that bankers and business men become posted on it; that they form clear ideas of the troubles we endure from our present faulty system, and of what is needed i n the way of relief. An.intelligent public opinion is wise leaders may be followed, and the plans and remedies of unwise leaders avoided. necessary in order that The Monetary Commission has devoted much labor to the question, and while its views have not been made known, it has collected much valuable information. The opinions of banking and currency experts on the question are instructive. T attention to a few who have written on the subject and have, in my judgment, shown awill therefore call your comprehensive grasp of it. Warburg, Kuhn, of Loeb & Co., has written ably on the question, Mr. Paul M. and plan of central bank. William A. Nash, the president of the Corn Exchange Bank of New presents in detail a York, wrote a valuable paper on the possibilities of the enlarged use of clearing house certificates which was published in the New York Times of Feb. 14, 1910. Mr. Victor Morowetz has written a book on "the 11A ilkini4" a Ild Currency Problem of the United States." It contains valuable information, and proposes a plan (.1 rd iii. Mr. A. J. Frame, of Waukesha, Wisconsin, in several spceche s 1 );1 1)ers has ably pre-ented some of the important points involved. In the Banking Law Journal beginning with Novembe r, 1909, Mr. Maurice L. Mull!email gives a plan of a central bank which shall be free from political control on the one hand, and from speculative interests on the other. These writers are all thinking in the right direction, and while differing in details, all clearly sec the necessity of and aim at an expansion joint. Andrew Carnegie says: "Americans have many ges upon which we may plume ourselves as being in advance of other nations, but we have at least oneadvanta humiliation to lessen self-glorification. Our banking system is the worst in the civilized world." Mr. James G. Cannon, vice-president of the Fourth National Bank, of New York, in a paper published by the Monetary Commission, quotes, and apparently with approval , the remark of a prominent banker and economist who says: "The truth is that responsibility for the panic of 1907 lies at the door of our currency system. No other adequate cause can be found. We do business by the modern failed to supplement this machinery with the means for readily convert system of bank credits, but we have ing bank credit into cash." In an editorial under date of 1\l ay 10, 1910, the New York Times edly called attention to the fact that the volume of our bank notes says: "Only a little time ago we repeatpersisted in increasing unnaturally. The depressed conditions of trade and the money market called for reductio n of the volume of credits and currency, yet our bond-secured currency persisted in coming out. The banks held two per cent bonds on a basis which necessitated making them earn something more than their interest yield, and the notes based on them were forced into circulation under the most unwholesome conditions." In an editorial review by the same paper of Mr. Paul M. Warburg's plan for a Central Reserve Bank, on March 25, the following occurs. "It is now understood that what used to currency system in the world is not worthy the name of system, and bears be referred to proudly as the best ized country. Americans know no better way of moving the crops than no likeness to banking in any civilwith a permanent supply of currency and credit, maintained at great expense in idle times, only to be inaccessible and inadequate when time of need arrives. It is plain how turning idle resources into the security market inflates them abnormally. It is equally clear how the withdrawal of those resources for use is as disturbing and conspic uous as possible. Not only money market experts watch our security markets, everybody watches them. We are made a nation of security speculators against our wills. We are constanly making and unmakin selves, or our customers if we arc bankers, with cash when we or they wantg security bargains to supply ourit, and to absorb idle funds. Rarely do foreign banks move more than a fraction of one per cent. Our money sometimes it reaches cent per cent. People used to a staple market cannot rate doubles or triples itself, and reconcile such antics with solvency or sanity." Mr. Warburg in a Pamphlet entitled The Discount System of Europe says, "Our own system being absolutely inelastic, we have become accustomed to use as a substitute the power of our banking community to borrow in Europe. We thus use Europe as an auxiliary financial machine, but we forget that our weight has become so great as to threaten the safety of the European machinery when we are utmost capacity in order to provide for our needs. Europe, in sheer self-defense, compelled to use it to its refuses under these circumstances to let us borrow, and by the simple means of refusing our finance bills renders our reserve of elasticity useless. Thus instead of securing additional assistance at the most critical moment, we find ourselves suddenly forced to dispense with a most important part of our machinery upon which we were wont to rely in normal times." Congressman Fowler, of New Jersey, has for some years been an enthusiastic y reformer, and with persistency and eloquence his impressed his views upon us. He is strong on the currenc expansi on side but when Ile proposes methods of contraction he seems to be at sea and beyond his depth. One very serious result of our present system is, that on the approach of bad business times each individual wisely managed bank begins to accumulate cash and reserve by contracting its loans in order to be prepared for anticipated stringency. Thus when the business community is in special of accommodation the banks lend less than usual. As a result conditions are made worse. The banks areneed not to be blamed for such action. Indeed it is necessary for th e protection of themselves and their depositors, as banking system to which they can apply later on for relief when help may be urgently they have no central needed. The consequences of an unscientific monetary system are widespread. When undue contraction results from a previous expansion, as shown by Mr. Fargan's statement, merchants with falling sales have to sacrifice stocks to realize funds to meet obligations, and the weaker ones frequently fail. turers curtail production, and discharge hands. These, unless thrifty and with means to keep them Manufac going are reduced to poverty. Their purchasing power is cut off or diminished and in consequence retail merchants, seriously lessened. Many men who have made small paymentson the purchase of a house find their business through failure in business or loss of employment, are forced to relinquish their investments, and lose what had them. In other words, society is so interwoven that all classes suffer when had financial and been put into business conditions prevail. The writer has a plan to propose, and while it does not cover all the ground, it will checking the evils of our over-supply of money at one season of the year, and our shortagego a great way in at the other, and until we have a Central Bank or some other system to answer the same pnrpnce,. will greatly tion. Indeed, it will be beneficial even after a more comprehensive plan is put into operatio help the situan. Something greatly in its favor is its simplicity. It could be put into operation by four or five gentlemen in New York at a fifteen-minute conference; and yet I challen(g'e allV banker or writer on economics to prove that it will not he greatly helpful. The plan is that not less than f,tir or five of the leading New York banks unite to ge the accumulation of money in New York from about March to September, by lowering the rate ofdiscoura interest they will pay for balances from (nit-of-town banks and others to whom they pay interest to the extent of one-half or one per cent or more if necessary, and that from September to February they enconrathtre ge‘ tliiielayshbiepnioerntitof money to New York by raising the rate to correspond with its supply and the demand If four or five of the larger banks in New York would adopt the policy of changing the interest rate as • suggested the others would be forced to follow their example. This in turn would compel the banks of Chicago and St. Louis, the other Central Reserve Cities, to take similar action. The banks in the ordinary Reserve Cities—Philadelphia, Boston, Albany, Pittsburg, Cincinnati, and the rest would feel the force of the action, and would be compelled to govern their methods accordingly. To indicate the wide fluctuations in the rate for call money within the past three or four years, I would state that the average rate for November 1905 was 8 2-3 per cent, in December of that year 21T/2 per cent, in 2 per cent, November 1G / I per cent. In 1907—October 201 November 1906 104 per cent, and in December 151/ per cent, and December over 12 per cent. As a contrast to this condition, there was a period of six months or more in the spring and summer of 1908, when the average rate was about PA per cent and for six months in 1909 the average rate was about two per cent. Under these widely varying conditions in the money market the New York banks practically make no change in the rate of interest which they pay for bank balances. Not having lowered the rate when money was almost a drug in the market, they are not in a position to raise it in order to attract funds when they are greatly needed. How much better for themselves and for the general business interests of the country i f a different policy were adopted! How different this condition is from that shown by the statement I have quoted regarding the Bank of France, which claims that by not greatly varying its rates it has conferred incalculable benefit upon French trade in all its forms! The estimated per capita circulation for May of this year was $34.59. If that is about the right average for the year, it would seem that $33 per capita would be correct for the Spring and Summer, and that about $36 per capita would serve our purpose in the Fall and Winter. What we need to do with the unnecessary $3 in the Spring and Summer is as far as possible, to put it out of business, or compel each one of our population of ninety or one hundred millions of people to keep it in his or her pocket or stocking, and bring it out for use again in the Fall. But no, its owner must have interest on it, and so it goes into his bank, and ultimately it goes to New York, attracted by the interest, and there becomes congested and breaks out like congested blood in the human circulation, leading in one case to unhealthy speculations, and in the other to various bodily disorders. I believe that the policy I advocate would pay each individual bank in New York better than the present method, and the interest received by the out-of-town banks would average about the same as they now receive, but even if there should be some slight loss in either direction, it would be compensated for many times over by the advantage of doing business on a more stable basis. If we individually have any money to invest in standard securities we may investigate the history and operations, and the ability and honesty of the management of any railroad or other large corporation, and find all the conditions connected with it entirely satisfactory, but after all this is done our investment becomes largely a matter of betting on the money market. It is sometimes said that strong financial interests desire the continuance of the present system of currency circulation in order that they may make large profits out of the violent changes in the money market. Of this I have no proof, but I will say this: that if strong financial operators desire to do business on such a basis the present currency laws and the practice of the New York banks will greatly aid them in accomplishing their purpose. A few years ago we heard much on the subject of New York becoming the money center of the world. It cannot look forward to that distinction until our currency laws are perfected, and .its banks are prepared to do business on broad lines and in harmony with the laws of supply and demand, and are willing to do their proper share in steadying the money market of the world. It is imperative for the hest results in business that legislation be enacted to eliminate the evils incident to our present rigid supply of currency and credit. Business men who realize the hazard of commercial operations as now conducted should urge the remedy—the Central Bank under strict governmental control. Meanwhile the interest-regulating coalition such as I have suggested would provide immediate relief and would constitute as well a valuable permanent feature of our machinery of monetary regulation. -In relation to House Bin No. 187, introduced on Dec. 2, 1907 by Congressman W. H. Graham. House Bill No. 7607, introduced on Dec. 12, 1907 by Congressman J. R. Sherwood. Senate Bill No. 1239, introduced (by request) on December 5, 1907 by Senator P. C. Knox Providing for a bond-secured elastic emergency currency to be issued by the United States Treasury. Features: Absolute safety; perfect and automatic elasticity; prevents currency monopoly; automatically provides gold coin for redemption purposes; retains government control of the money supply; instantaneous application; absolutely fair to all interests and will be approved by the public. Senator Nelson W. Aldrich. Chairman, Senate Committee on Finance; and Hon. Charles N. Fowler, Chairman Committee on Banking and Currency of the House of Representatives, Washington, I). C. Gentlemen:— Permit me to say most respectfully that I believe, in all the discussion of the currency question that has taken place thus far, one all-important fact has been entirely overlooked. That fact is that national bank currency or any Bank currency cannot be successfully employed as emergency currency, one reason being that it cannot be ordered, printed, signed, and placed into circulation rapidly enough to check a panic in its inception. The speed at which a panic develops, renders quick and decisive action at the very beginning of any financial disturbance absolutely necessary. It must not be forgotten that the present panic or currency famine developed and reached its climax within ten days after the Heinze crash. A panic Is invariably precipitated by some great financial crash, am! is followed by a wide-spread distrust and lack of confidence in financial institutions, and a rapid withdrawal of money from circulation. Such a condition must be met instantly by an even more rapid increase in the volume of currency. If such an expansion of the cur- rency were brought about quietly, promptly and without the issuing of new and strange forms of money, such as clearing house checks, without the blare of trumpets, without flying conspicuous signals of distress, any currency panic could be crushed in its infancy, before it were permitted to disturb business, and even before it caused general alarm. The present national bank currency has served its purpose well, and will continue to have a broad field of usefulness, unless it is debased or rendered less secure by future legislation that will tend to justly make it the object of suspicion. But the national bank currency system is worse than useless in combatting an emergency such as the one through which we are now passing, for the reason that its volume cannot be made to expand to the enormous extent that is necessary, until long after the panic has passed. And what is perhaps more serious, through its cumbrous operations of expansion and contraction, the volume of currency is still being rapidly inflated long after the time when conservatism demands that it begin to contract. The operation of the system (luring the present panic is sufficient Proof of these statements. It will require almost a year to contract the national bank currency to the extent that it has been expanded in the last thirty days, but nevertheless the Controller of the Currency must continue to till back orders of the banks for more currency. We had it similar experience with national bank currency in 1893. If national banks are to be permitted to issue additional notes without the deposit of additional bonds, the confidence insuring legend "secured by bonds deposited with the United States Treasurer at Washington, D. C." must be stricken off of national bank notes. In the light of present conditions is there any conservative national banker who would dare to take this plunge? No currency scheme that, ignores the currency needs of savings banks, trust companies, and other state banks, and provides only for the needs of National Banks, can be either just or effective, for the reasons-:--First, that it would ignore the rights and interests of the vast majority of the people and would place the interests of the majority at the mercy of the few, and, Second, that the class of bonds which must. be used as security for any sound elastic currency are not invested in by national banks, but are very largely invested in by savings banks, trust companies and such institutions. No asset currency plan or uncovered note plan can be effective for the reason that it will tend to impair the credit of all national bank currency and thus bring about more serious conditions than are now in evidence. Following its enactment, gold would surely go to a premium and would soon disappear. Almost all suggested currency plans tend toward a private monoply of the money issuing power, which should be purely a governmental function. Most of them are mere temporary expedients based upon a selfish desire of certain bankers to borrow the Government's credit without paying its full value for it. They provide for the inflation of national bank currency without deposits of additional bonds as security, and with no adequate tax provision to force eon traction at any future time: thus they would surely store up trouble for the future. 2 None of these plans provide for the currency needs 'of savings banks, trust, companies, and other State banks, whose depositors outnumber national bank depositors at least ten to one, and whose deposits aggregate more than the deposits in all national banks. The purely benevolent savings institutions of the city of greater New York, (which have not one dollar of capital stock) have on deposit the enormous sum of one thousand millions of dollars, or ten times the capital stock of all national banks in that city. Fully one-half of this amount is invested in high class bonds such as Government, State, county and municipal bonds. Yet under the present grossly unjust law these institutions, in an emergency, are literally at the mercy of the national banks. Even though the national banks of New York City were disposed to be generous in a currency famine, their combined power to issue emergency currency under the most favorable "asset" or "credit" plan yet proposed would be limited by the amount of their capital stock to the comparatively small sum of fifty-eight (58) millions of dollars. This would be insufficient for their own needs in such an emergency, and the savings banks, trust companies, and other State banks depending upon them, would, then as now, be left almost absolutely helpless. The comparatively small capital stock of all national banks when compared with the total deposits in all banks, savings institutions, and trust companies, seems to me to be an unanswerable argument against any form of national bank "credit" or "asset" emergency currency. I am firmly convinced, and I cannot state it too emphatically, that any emergency currency, to be effective, must be heavily taxed Government Currency, and it must be printed and stored in advance in large quantities ready for issue and shipment on a moment's notice to any holder of Government, State, County or municipal bonds. Further than this, and this is most important. the notes must not be of a kind to cause alarm, and, therefore, must not be different than those with which the public is familiar and which are in general circulation at all times. Right here let me say that, the issuing of "clearing house certificates and pay checks" is the most positive and certain method yet devised for disturbing confidence and spreading alarm. Clearing house certificates and checks are rightly looked upon as official signals of great distress. Every dollar of clearing house certificates placed into circulation causes the frightened public to withdraw from circulation probably fifty dollars of lawful money. They should be prohibited by law, and the law should be rigidly enforced. After close observation and careful study of the currency question during the last nineteen years, I am convinced that the plan outlined by the bills introduced into the House by Congressman W. H. Graham, of Pennsylvania, on Dec. 2nd, 1907. (H. B. No. 187), by Congressman Isaac R. Sherwood of Ohio on December 12, 1907 (House Bill No. 7607) and into the Senate by Senator Knox (at my request although he may, or may not approve of the plan outlined in the bill) on Dee. 5. 1907 (Senate Bill No. 1239) would provide permanently for a sore elastic currency, that would automatically. promptly and effectively meet any conceivable emergency. -3 Brief Explanation of House Bill No. 7607, which applies to all three bills mentioned. This bill is intended to supply permanently a safe elastic currency system and also to immediately meet the crying financial needs of the whole country. Further than this, it. is intended as an argument to prove that the elastic currency problem now before the nation can be solved along sound, conservative lines without creating a monopoly of the currency issuing Dower, by the adoption of a new form of bond secured legal tender G,:ernment notes here described, and to prove that a resort, either in this great emergency or at any time in the future, to any form of o caged "wild cat", or "credit" or "asset" curtency or "uncovered notes" or to any form of semi-private central bank of issue or to any combination of national banks, is absolutely unnecessary and most unwise, particularly at this time. Briefly stated, this bill provides as follows: First, The immediate printing of a large supply of a new form of legal tender Government notes, to be called "UNITED STATES CURRENCY NOTES", said notes to combine the best features of "Gold Certificates," "National Bank Notes," and "Greenbacks" and therefore to be 1. Legal Tender. 2. Payable in Gold Coin. 3. Secured by and issued only upon the deposit of gold coin, (which would be used exclusively for their redemption,) or upon the deposit of Government, State, County or municipal bonds as security. Second.—The present laws authorizing the issue of gold certificates cause the absorption of too large a proportion of the gold supply of the country, and tend to render gold unavailable for redemption purposes, but the passage of this bill would not repeal these or any other of the currency laws now in operation. It would merely supply an additional elastic circulating medium of exchange that could be issued quickly in emergencies, and that would automatically cause contraction when not urgently needed. The repeal of these or any other defective currency laws could be and should be delayed until some more favorable time, when such action would be less liable to adversely affect credit. Third. Through the operation of this bill an abundant, supply ef "United States Currency Notes" of various denominations would hr Printed and would at all times he stored in the Treasury and Sul' Treasuries ready for immediate shipment to any one, upon the receipt of such aforementioned bonds as security. For this reason no currency famine could possibly occur in the future so long as there was a plentiful supply of such high class bonds in existence. Fourth. Contraction would be positively and automatically secured by a five (5%) per centum of a seven (7%) per centum tax upon the depositor of the bonds, the lesser amount of tax applying to Government bonds. This tax would be sufficiently burdensome to cause the bond depositor to redeem his bonds by returning "United Stateh Currency Notes" or GOLD COIN to the Treasury as soon as financial conditions became normal. 4 Fifth. The bill would require the United States Treasury to perform the functions of a central bank of issue and redemption so far as emergency currency was concerned, similar to the Bank of England, the Bank of France, and the imperial Bank of Germany, except that no currency would be issued by it unless bonds were deposited as security, or unless gold coin was deposited in exchange. Thus the many well founded objections that have been and would be made to chartering a central United States Bank of issue operated for individual profit and creating an absolute monopoly of the currency issuing power, would not apply to this plan, whereas all of the great public benefits that could come from such a central bank would be secured by the adoption of the plan here outlined. Sixth. Although the "United States Currency Notes" provided for would be Legal Tender Government Notes, all of the trumped-up objections heretofore made to "Greenbacks" have been removed, and the bill will not meet with sound objection on that. score. The operation of this bill would not cause "inflation", but merely "conversion" of one form of wealth into another, as business conditions required. It would not increase the Government debt to the extent of one dollar. Seventh. One of the most difficult problems in connection with the currency question is to provide the Treasury with gold coin for redemption purposes. A disappearing gold redemption fund during panics has heretofore made enormously expensive bond issues necessary. The operation of section four of this bill would automatically supply the treasury with gold coin for redemption purposes, for the depositors of bonds could in most cases, more readily procure gold coin than "Currency Notes" with which to redeem their bonds and thus stop the tax or interest charges. The "Currency Notes" would therefore remain in circulation and the gold coin would be added to a redemption fund to be used only for the redemption of these notes. Before closing this letter I desire to answer a false statement that Is doing much mischief every day because no one has taken the trouble to expose it. It has been stated, and the statement has been frequently repeated, that neither national bank currency or any other form of bond-secured currency can be made elastic. I reply, without fear of contradiction, that any form of currency may be made elastic by the imposition of a tax or interest charge sufficiently burdensome to catv-40 CONTRACTION in normal or "boom" times, and not so excessive as to prevent EXPANSION in times of stress. In this connection tile fact must not be overlooked that the ten (10) per cent. tax imposed by the national government on state bank notes, has been so high as to absolutely prevent the circulation of state bank notes, since it was imposed forty years ago. Without, a proper tax or interest charge, no currency system can be made automatically elastic. The present national bank currency could easily be made ELASTIC without impairing its SAFETY by simply imposing upon its issuers a graduated tax ranging from three per centum to seven per centum per annum. Considered from the standpoint of the merchant, the wage earner, the small banker„ the farmer, the manufacturer; in short from the standpoint of all legitimate business men, no greater crime could be committed in the name of "Currency Reform" than to grant to a central bank or to a combination of national or other banks, a monopoly of the power to control the money supply. Any man or set of men who have the power to extensively and quickly expand or contract the amount of money in circulation, thereby also have the power to make or break a panic at will. 5 The national constitution wisely provides, and the vast majority the voters will insist, that the power to control the money supply Of shall be vested only in the national Government. In conclusion let me say that absolute and unquestioned safety is the one currency consideration that must outweigh all others. I sincerely urge you to carefully consider the provisions of House Bill No. 7607. Yours very respectfully, CLARENCE V. TIERS. Address: Box 305, Pittsburgh, Pa. 60th Congress 1st Session. II. R. 7607. In the House of Representatives December 12, 1907. Mr. Sherwood introduced the following bill; which was referred to the Committee on Banking and Currency and ordered to be printed. A Bill To provide an elastic currency by making it lawful for any or all holders of gold coin of the United States or of bonds of the United States, or of bonds of any State, county, or munic1pality within the United States which may be approved by the Secretary of the Treasury , to deposit said coin or bonds with the Treasurer of the United States, or any assistant treasurer, and so secure therefor a new form of legal-tender Government notes called "United States Currency Notes;" and providing for a tax on said depositors of bonds while said bonds remain on deposit. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized and required, as rapidly as practicable, to cause to be provided and kept in readiness for issuing, upon such demand or demands as may be made according to the provisions of this Act, a supply of circulating notes. to be known as "United States Currency Notes". Said notes, in the payment of all debts, either public or private, shall be legal tender for a dollar of twentyfive and eight-tenths grains of gold, nine-tenths fine, for each dollar they represent, and when presented to the United States Treasury they shall be redeemed in gold coin of the United States, and when so redeemed they may be reissued in the manner provided in this Act for their first issue. Said notes shall he provided in sufficient quantities to insure there being stored in the Treasury and subtreasuries nt all times ready for issue an amount of them equivalent to five hundred millions of dollars, and they shall be issued only when secured by deposits of bonds as provided in section three of this Act or in exchange for gold coin of the United States. United States Currency Notes, when held by any national banking association may be counted as a part of its lawful reserve. SEC. 2. That, in order to furnish suitable notes for circulation, the Secretary of the Treasury shall cause plates and dies to be engraved in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom and numbered such quantity of circulating notes of the denomination of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, one thousand dollars, five thousand dollars, and ten thousand dollars as may be required to supply the demands of those entitled to receive the same. Such notes shall express upon their face or back— First. That they are secured by gold coin, or by bonds deposited with the Treasurer of the United States. Second. That in the payment of all debts, either public or private, they shall be legal tender for a dollar of twenty-five and eight-tenths grains of gold, nine-tenths fine, for each dollar they represent. Third. That United States Currency Notes, if presented to the Treasurer of the United States, shall be payable in gold coin of the United States. Fourth. The engraved signatures of the Treasurer and Register and the imprint of the seal of the Treasury. Fifth. Such devices and such other statements, not inconsistent with the provisions of this Act, as the Secretary of the Treasury shall, by regulation, direct. SEC. 3. That any and all national banking associations, savings institutions, State banks, trust companies, or other corporations or firms, or individuals so desiring may deposit with the Treasurer of the United States, or any assistant treasurer, bonds of the United States, or of any State, county, or municipality in the United States which may be approved by the Secretary of the Treasury, and such depositors shall receive in exchange for the bonds deposited, United States Currency Notes, such as are provided for by sections one and two of this Act, in amounts equal to ninety-five per centum in the case of ITnited States bonds, and to seventy-five per centum in the case of State, county, municipal bonds, of the par value of the bonds deposited: Provided however, that should the market value of such bonds, in the judgment, of the Secretary of the Treasury, be or become depreciated below their par value, the Treasurer of the United States is hereby directed to require the depositor to deposit in addition lawful money of the United States equal to the depreciation of the market value of said bonds below their par value; and should the depositor fail to promptly make the said additional deposits of lawful money, or should he fail for three months to pay the tax hereinafter provided for, the Treasurer of the United States is hereby required to sell said bonds at public sale. Each depositor of bonds under the provisions of this Act shall pay quarterly, on the first days of March, June, September, and December, to the Treasurer of the United States, a tax equal to five per centum per annum if United States bonds are deposited, and to seven per cent= per annum if other bonds are deposited, on the amount of said notes received by him during the time said bonds remain on deposit, and each depositor shall receive all interest on said bonds the same as though they were in his own possession. All money received by the Treasury Department in payment of the tax herein provided for shall be used for the purchase of gold coin, and said gold coin shall be added to the separate fund provided by Section 4 of this Act for the redemption of United States Currency Notes. SEC. 4. That any depositor of bonds under this Act, or his lawful representatives, successors, or assigns, may at any time demand and receive the bonds deposited, or the proceeds of their sale, as provided by this Act, together with any and all deposits of lawful money which the depositor may have been required to make, upon the return to the Treasurer of the United States of an amount of United States Currency Notes or of gold coin of the United States equal to the face value of the notes received by the said depositor and the unpaid tax as herein provided. Any gold coin received by the Treasury Department under the operations of this Act, shall be placed into a separate fund and used only for the redemption of the United States Currency Notes herein provided for. So much of the redemption fund, provided for by the Act of March fourteenth, nineteen hundred, as shall be necessary for the redemption of any of these notes shall be temporarily transferred to this separate fund and replaced as soon as possible. SEC. 5. That all Acts or parts of Acts inconsistent herewith are hcreby repealed so far as they are inconsieent with this Act. 8 CIRCULAR RELATIVE TO THE VALUE OF TII E MEXICAN AND TRADE-DOLLAR. 1878. Department No. SO. Mint Bureau. tpartment Erea5urp oFFICE OF THE DIRECTOR OF THE MINT, ill it a.4X • 61,1> icS37ffl In consequence of the number of inquiries received, relative to the value of the Mexican silver dollar, and the terms on which it is received at the Mints, the following information is furnished: Section 3584, Revised Statutes United States, declares that "No foreign gold or silver coins shall be a legal tender in the payment of debts." The Mexican dollar, therefore, has only a value as bullion, which depends upon the price of silver; at the present price of silver bullion it is worth about 90.8 cents, in gold, per piece. Its circulation as money in the United States is optional, and at whatever value may be agreed upon. The United States trade-dollar also is not a legal tender, and, therefore, has only a bullion value. The standard silver dollar being a legal tender for all debts, public and private, is received at par at offices in payment of dues, differing in this respect from the Mexican and trade-dollar, Government all which are not received. Mexican dollars, as well as all other foreign silver coins and United States trade-dollars, are purchased at the Mints at Philadelphia, San Francisco, and Carson, and the Assay Office at New York, at the equivalent of the London rate for silver bullion on the (lay of purchase, less one-half cent per ounce of fine silver contained. All silver coins so purchased are melted and assayed, and the seller paid for the fine silver contained, in standard silver dollars. All parties desiring to sell foreign silver coins or trade-dollars to the Government on the above terms, will send them at their own expense to the Superintendent of the Mint at Philadelphia, San Francisco, or Carson, or of the Assay Office at New York. Express charges on the silver dollars sent in return also to be paid by the seller. All correspondence relative to silver coins so sent to be addressed to the Superintendent of the Mint or Assay Office to which they are forwarded. The following table shows the bullion value, in cents and tenths of a cent, United States legal-tender coin, of a Mexican silver dollar of full legal weight and fineness, at various London quotations for silver bullion, calculated at the par of exchange, $4.86, to the sterling: London quotation, in pence. Value of Mexican dollar, in cents. 50 50+ 50+ 50f 51 51+ 51+ 51f 52 52+ 52+ 8l;. 1 51).;) 86.9 87. 4 87.8 88.2 88.7 89.1 89.5 89.9 90. 4 London quotation, in pence. 521 53 5:31 53i 531 54 54+ 54+ 541 55 55+ Value of Mexican dollar, in cents. 90. 91. 2 91.6 92. 1 92.5 93 93. 4 93. 94.3 94.7 9.-). 1 London quotation, in pence. 55i 551 56 5(4 56+ 56f 57 571 57+ 57f 58 Value of Mexican dollar, in cents. 95.6 96 96. 4 96.9 97. 3 97.7 98.2 98.6 99 99.4 99.9 NOTE.-The trade-dollar is worth two-tenths of a cent more than the Mexican dollar at the respective quotations furnished. The deduct ion at the Mint of one-hall cent per ounce of line silver contained amounts to about four mills on the dollar. IL R. LINDERMAN, Director of the Mint. I titan fur Trutt-al National Vat* of Josue BY SAMUEL ADAMS TRUFANT Cashier Citizens Bank of Louisiana, New Orleans * • Plan for Central National Bank of Issue HE proposed monetary legislation which is likely to grow out of the recommendation of the National Monetary Commission, ought to provide for amendments to the National Banking Act, the operation of which would be so favorable to the banks chartered under the National banking law that all the state banks of check and deposit would shortly be led to give up their charters, and qualify under the amended National Banking Act. We ought to have in this country but one 'banking system for banks of check and deposit, and by so amending the National Banking Act as to provide for the capital of a Central Bank of issue and discount, I think that object can be accomplished. Safe deposits, savings banks and trust companies should be left to operate under their state banking T laws. I would suggest that the National Banking AO be so amended as to require each ibank chartered under the National Banking Act to subscribe for the stock of the Central Bank of issue and discount, 33 1-3 per cent. of their capital and surplus; that the capital of the Central Bank should not be limiLed to any specific amount. but may be increased or decreased according to the number of banks qualifying under the 'National Banking Act, and that. the entire capital of the Central Bank, represented by 33 1-3 per cent, of the entire capital and surplus of the National banks, should be invested in gold and 'held in reserve against the authorized Issue of the notes of the bank, which should, in my opinion, only be limited to an amount equal to the entire capital and surplus presented by the National banks. The Central Bank should not issue notes of denominations smaller than $5. I would suggest that the stock of the 'Central Bank held by the National banks as provided above, should 'be nontransferrable, but remain the property of the bank to whom it is issued and ce.unted as part of their legal reserve to that extent or amount. To Do Business With National Banks Only. The !Central Bank should be permitted to re-discount only for National banks up to their full capital and surplus to receive deposirs only of National banks on which the rate should be fixed at 2 per cent, on daily balances. I cannot see that it is necessary—at least in the beginning---to in any way disturb the present workings of the U. S. Treasury or the present method of bond-secured National bank note issue. In fact, I think it is necessary to propose as few radical changes as possible in the initiation of this important monetary departure. It. will be several years at least—possibly five—before the Central Bank, working under this proposed charter, or for that matter. under any proposed charter, can satisfy the masses of the people that it is not monopolistic, and is not subject to thb control of any political party or any 'combination of financial interests of any one particular section. To popiilarizo the granting of the charter to such a corporation, it would be necessary to guard against just these misgivings cm the part of the great masses of the people, and this is the rock upon which I have :plit; how to provide for the board of directors. The Government, of course, must have recognition. Create a board of twenty-five directors to include ex-officio the Secretary of the Treasury, the Treasurer of the ITnited States, the Director of the Mint, and the Assistant Treasurer of the United States stationed at New York, where the headquarters of the hank should unquestionably be, and provide for the election of twenty one directors by the bat- 4 )\ that the lot of the National banks, and further provide of mantee commit a operation of the bank should rest in mannt agement, composed of a manager and four assista nt of th,agers, the manager to be appointed by the Preside ed or United States, but to qualify only upon being confirm rs. directo elected by a majority of the twenty-one ted, one The four assistant, managers should be nomina the Di each respectively by the Secretary of the Treasury, and States, United rector of the Mint, the Treasurer of the only qualify the Assistant Treasurer at New York, and to twenty. when confirmed by a majority of the votes of the elet• one directors. I would suggest that these officers be l physica or age ed for life or good behavior, under certain disability restrictions. Payment of Dividends. decllre The 'charter should provide that the bank may cent. per annum Femi-annual dividends not exceeding 5 per ller of the Comptro the to All dividend checks to be payable it has favor whose Currency for account of the bank in that Bank been drawn 'only upon certificate of the Central all claims for services rendered, assessments or losses r, growing out of re-discounts have been fully and satisfa an• per cent. torily adjusted. All profits in excess of 5 per bank num cumulative to be divided equally 'between the and the general Government. It seems to me that it might be well to have some provision to restrict the votes of the stock-holding banks for di. rectors to those who either have served or at the present time are serving as president :3f the 'clearing house in some of the largest cities, to be designated in the charter. The manager of the Central Bank should receive a sala-v of thirty-five thousand dollars a year, and the four assistant managers should receive a salary of twenty thousand dollars a year. The ,twenty-one directors should be required to meet at least four times a year, and they should be allowed a compensation of five hundred dollars each meeting, and traveling expenses. 5 Capitalization of the Central Bank. Assuming the capital and surplus of the National banks now incorporated amount to about $1,350,000,000, and the capital and surplus of the state banks, operating as banks of cheek and deposit, amount to $750,000,000, 33 1-3 of that capitalization would be approximately $666,000,000 of gold, which would form the ,capital of the Central Bank, if all the state .banks surrendered their charters and qualified under the amended National banking laws. I regard 'the elastic feature as very important, for it provides that every bank of check and deposit should he tweed to carry 33 1-3 per cent. of Its capital and surplus in gold coin which is deposited with the Central Bank, but the note-issuing power is vested only in the Central Bank. There is no question but that if every bank in the United States carried a gold reserve equal to 33 1-3 per cent. of an authorized issue of bank notes, that that provision of itself would be a sufficient safeguard, but the great trouble then would be to establish the certainty that each bank had in its vaults in gold the necessary 33 1-3 per cent., of its note issue. Penalizing the bank for violation of this law even to the extent of taking its charter away, would he a poor consolation for the mischief which might be created by a laxity of imprudent bankers. The Government having given power to the Central Bank to emit ,paper payable on demand, it must make certain that the reserve is always held inviolate, and the Government must further accept the notes of the Central Bank for any and all obligations except custom duties. Our gold reserves are too light under the present system, but with the gold reserve always in the vaults of the Central Bank, equal to 33 1-3 per cent. of the combined capital and surplus of all the banks now incorporated or to he hereafter incorporated under the National Balking Act, we shall have established a basis for a circula.ing medium which will be absolutely safe, and the issue r( gulated by 0 raising or lowering the rate of discount, so as to expand or contract to meet the trade requirements with elasticity. Savings Trust Departments. No National bank rhould be permitted to operate a savings or trust department. Savings banks, safe deposit banks and trust company features should be divorced from the National banks. However, it would be wise for the state laws governing the trust companies, safe deposit and savings banks to restrict the operations of such institutions, so as to further safeguard these trust funds and draw a more distinct and well defined line between the business of investment and homestead companies, and the deposks of savings and trust banks. The Central Bank should rediscount commercial paper which has not exceeding ninety days to run, or at the outside not more than four months, for National banks only at a rate not to exceed 6 per cent., but no loans should be made on paper secured by hank stock or real estate mortgages, but further loans to National banks should be made en call or demand, secured by state, municipal or other bonds, such as may be classed as safe investments for savings banks or by authority of the board of drectors for 90 per cent. of their market value, not exceeding par of such bonds. The Central Bank should be prohibited from tran3acting business of any nature whatsoever, except with National banks. No Government funds should be deposited In the Central Bank. The most important thing is to get the great mass of the people to understand that the Central Bank is not intended to operate as a money-making institution, but to emit a stable and elastic currency to facilitate the National banks in providing a circulating medium which will at all times respond to the requirements of the country. The stock held by the National banks in the Central Bank should be assessalble for any deficiency in the earnings, because under normal conditions the Bank is not likely to do a profitable business, and that is why I have Jug? gested that the stock should be entitled to a cumulative dividend of 5 per cent. The term ot twenty-one directors should be by allotment, to be fixed so that .seven directors would retire after serving three years, seven after serving four years, and seven after serving five years. The chairman of the board should . be elected by the twenty-one directors, and he should be ex-officio of the finance or executive committtee. There should be special compensation provided for committee meetings, and special meetings of the board should be called by the executive committee or by the manager upon application of any seven members of the board. I would suggest a provision requiring the Government's pro-rata of net earnings of the 'Central Bank, say 50 per cent. of the net earnings after providing for dividend at 5 Ler cent. per annum, cumulative, to be used to retire the present oustanding legal tender notes, and the bank should distribute its surplus fund, if any, in special dividends to the stockholding banks yearly. The rate of discount should be fixed by the committee of management. on Saturday of each week, after the close of business, and the bank should be required to publish a statement of its affairs including rate fixed for discount on Saturday evening or Sunday morning. Later on, it may be necessary to amend the act to create the Central Bank, so as to provide for branch banks in Chicago, Sit. Louis, New Orleans and San Prancisco. It may also be 'necessary to arrange for the Central Bank supers(ding the Sub-Yreasury in its service to the Government, but I do not see any necessity for any branch banks at the present. time. The note issue of the Central Bank should of course the exempt from taxation and the income should also be exempted from the 'special excise tax. To obtain exemption from state and municipal taxation for the capital it may be vecessary to locate the Central Bank in Washington. (Reprinted fri.m THE FINANCIER, New Ynrk, November $, 1909,) SUPPLEMENT TO CURRENCY REFORM THE PARAMOUNT ISSUE. THE REMEDY. Memphis, Tenn., March 12th, 1910. Dear Sir:—Enclosed herewith I mail you complimentary one of my pamhlets, "Currency Reform the Paramount. Issue," which it' you read carefully I think you will find interesting, perhaps instructive. After reading I would like you to write me any facts that may come into your mind that can help me in writing my later amplitiel edition of this article. With an expanding currency the automobile classes are jubilant, being profited at. the expense of the s,reet car masses, "onto whose brows the crown of thorns it tightly pressed down" by rising prices. I am no Socialist. It is to the interest of every nation to have a smaller per capita of money than any other nation. Let the gold,miners quit their harmful occupation of digging gold and go back to the farms and raise foodstuffs, which is something worth while. cold intrinsically is not worth so much Ps iron. Its free coinage into money is what makes gold valuable. Redundant. currency is the sole true tap root. cause of high a prices. TI:e high protective tariff and all other causes are only the natural outgrowths therefrom. That high prices are in every way un(Lesirable is clearly shown in my pamphlet of 28 pages (single copies 10 cents). The remedy for high prices is to stop watering our currency with 'national bank bills and free coined gold money. Our mints ought to take as toll at least one-half of all the gold or gold and silver brought to then11 for coinage into money. The seigniorage sho Ild be used. First: In paying off the governme t bonds, by means of which the national banks water our currency ‘Aith their bank notes. Secondly: In paying off the about $346,681,016 of outstan(1ini. tender greenback flat money. Thirdly: fit creating a gold reserve emergency currency, such as the Bank of France, Bank of England and, I think, Bank of Germany, have. In !his way we might in time become again, as in 1835, a nation without debt and have cash gold money in bank. A consummation greatly to be desired. I am met with the objection that other nations will continue to free coin gold. This reminds me of the old hackneyed catchword, "Prohibition won't Prohibit." Let. other nations continue to free coin gold if they have no better sense. They cannot thereby put us into any worse fix than we are already in, and they may ruin themselves. I believe when we stop free coining gold all the rest of the worl I will voluntarily do likeAise. There will not have to be any international agreement. They will fall all over themselves trying to see who can stop first. I have seen it stated that the gold money in existence at the time of Napty Icon I was only $500,000,000. If I his is irue the $15,000,000 we paid him for the Louisiana I urchase was not such a .bagatelle after all. It was perhaps as hard for us to pay that amount at. that time as it would be for us to Pay $1,000,000,000 now. I have also seen it 6 stated that the production of gold within the last nine years is $3,300,000,000. Asset currency! Good Lord, deliver us! This financial heresy must have originated among the stock gamblers of Wall st. The AldrichVreeland $5,.;0,000,000 emergency money is asset currency. When I was studying in Germany, 1869-1871, during which time occurred the Franco-Prussian war, I lipid my money in a savings bank in Leipsic, bearing 21/2 per cent. interest. I could not check this money out, but whenever I needed money had to go in person to the bank with my pass-book and have the amount withdrawn entered therein. I suppose some such system is in vogue in France, and that the checking habit is not so prevalent there as here. During 1909 we sola China all told only $27,000,000. Some years ago, when cotton was worth less than half its present. price, 15 cents for middling, we sold $50,000,000 of manufactured cotton goods alone. At our present prices I think likely it would be cheaper to wear silk than cotton in China if they had to buy of us. But they raise To per cent, of the cotton they consume. A great part of China is cultivated like a garden. The land I ractically belongs to the government, and if a Chinaman does not cultivate his land properly it. is taken away from him. We have learned much from the Chinese and could learn more if we were not so self-satisfied. If we : * could quietly lose the Philippine, our prestige it would be a ha 1113, however, if we coul self-con( eit at the same more profitable to lose coold only exchange a. sions for Canada we w( whi!e man's burden ai navy to protect our ',possessions. I ree( an Insurance comp:. policy on my life in substance as follo "About a year ago you and I were ws, viz.: in correspondence about the depreciation in the purchasing power of our money because of the inflation of our currency. You wrote me at that lime that you could not see it as did. I I wrote you to watch and think, which if you have done you now see it as I do. One-third of the purchasing power of that. big wad of 'good giltedge bonds' you have that belongs to the 'poor widows and orphans has been lost durin g the last 13 years by teason of the inflation of our currency. Why don't. you insurance men confe r together and stop the further debaseme nt by expansion of our currency? Are you a lot of blind bats, or don't you care a copper, just so long as you can wear fine linen and fare sump tuously every day?" Although I am still flying the "Rebel" flag, I am now in open rebel lion only against the further debasement by expa nsion of our currency. I know that. the war ended nearly 50 years ago, and that about every one who had anything to do with it is dead and all the rest of us will be dead soon. On May 9, 1864, when I was only 15 years, 2 months, 18 days old, I voluntarily enlisted into the Confederate army, and I am proud of it. I thought then I was right and know now I was right then. but I am satiofied with the rc, .sult if those few meddlesome ones of the Yankees will only let us "requiescat in pace" and let us own home affairs, to suit ourselves. --v respectfully, A. C. LAKE, 2'S North Front. St., Memphis, Tenn. .if (Copyright, 1910, by A. C. Lake, No. 28 North Front Street, Memphis, Tenn.) I CURRENCY REFORM 1 THE PARAMOUNT ISSUE The Only Way for the United States of America Ever to Attain Commercial Supremacy in the Markets of the World and on the High Seas. Third Edition. All Rights Reserved. Read carefully and pass along to another intelligent, thoughtful man. This circular, price $.10 per thousand, $10 per hundred, is for brainy people; if you get one gratis it is a compliment, to you. We Need Less Money, or Why the Free Coinage of Gold Should Immediately Cease. Memphis, Tenn., Jan. 8, 1909. lbm. William Jennings Bryan, Fairview, Lincoln, Nebraska: Dear Sir—Although you have been the chief advocate of an inflated currency, l think you must admit we now have enough, and believing you have more influence in forming public opinion than any one man in the United States, I appeal to you to help stop the further watering of our monetary system. Inflation would be all right 1F it did not depreciate purchasing power. Add 1 per cent to our per capita of money and you decrease its purchasing power 1 per cent. Double our per capita circulation and you double prices. Double prices and you double the amount of money required for business, so there will be as much lack of money as before for business purposes; an endless din in. So what is the use? Double our currency and you rob the bloated bondholder of one-half, the thrifty savings bank depositors of one-half, and the poor widows and orphans of one-half of their life insurance. How many of these latter there are I do not know, but there must be millions of them. I see in the Philadelphia Saturday Evening Post of December 19, 1908, page 18, volutin, 1, that, there are in the ITnited States 8,588,000 savings bank depositors, and that their deposits amount to $3,690,000,000. This is $300,000,000 or $400,000,000 more than all the money in the United States. Then there are the old war veterans and clerks with fixed salaries with their dependents numbering millions more, who have been grievously wronged. For about thirteeh years now all of these people have been defrauded of their pensions, interest, labor and capital by reason of the purchasing power of their money shrinking up, caused by inflation. However, but few of them know it. How can we with $34.98 per capita and still increasiTr lab(alt 2 per vent per annum in gold and • 3 more rapidly in paper On a gold basis) hope to c(mtinue to sell China With $2.00 (in silver, worth (Pills on the dollar in gol(l) and Japan with $4.15 per capita and compete with other countries with a smaller per capita than ours and conse(uently with lower wages (but higher purchasing power) and prices than ours, for the world's trade and the ocean's shipping, the latter of which we lost years ago because of our high wages and prices? Japan is driving our few merchant vessels from the Pacific. her ships are big paying propositions, while ours are losers. Last year we sold her $3,100,000 of cereals and bought of her $15,000,000 of rice and $9,000,000 of soy beans, things our own farmers ought, to raise. This, of course, gives her more purchasing power to buy in cheaper markets than ours and to establish cotton factories and other home industries. Many more factories can be built there than here for this money. Even our peanut growers are asking (December 17, 1908) for a protective tariff of 2 cents a pound. how long will it be before our corn and wheat will need a tariff for protection against the miscalled "pauper" labor of the world? They maybe get as many comforts with their low high purchasing power wages as do our working classes with their high low purchasing power wages. I see in the Memphis Commercial Appeal of December 26, 1908, page 14, column 5, ha I our i caper trust going to estaldish factories in France and Germany. Query: llow long will it be before our cotton factories will be forced to move to China, Japan and other countries, where money is scarcer and consequently worth more than here and the cost of living and wages are therefore less? The American Tobacco Trust already has factories in China and Japan. In Japan money is worth, I thi,,k, about, ten times and in China about twenty timeA as much as here. Mien all our trade is gone what use will our "improvements" be? We will have killed the goose that laid the golden egg and the incomes from our boom "improvements" won't be enough to keep them in usable repair. We are bottling ourselves up with high prices caused by inflated currency. The unlimited free coinage of silver at 16 to 1, regardless of any other nation, could not possibly have done us any more harm. It would have immediately demonetized gold and made money so scarce that a silver dollar would have bought as much as a gold dollar bad been buying and one gold dollar might have been worth as much as two silver dollars. So that the gold owners would have been greatly benefited and the free silverites injured by free silver, except the silver mine owners, of whom I tun one. Looking back it is plain to my mind that'each party was fighting tooth and nail to keep from getting the very thing. they each ardently wanted. Neither knew how to get what they wanted. I today would vote for the free coinage of our own silver at 16 to 1 to remedy the danger threatening us because of the plethora of money (dollars made out of almost nothing). Inflation will wonderfully stimulate our "prosperity" temporarily. It, will promote all kinds of wasteful, useless "improvements" and foolish extravagances and overspeculation and overproduction, stock gambling and wildcat schemes generally that are bound to bring about a disastrous reaction. We may for a while have a grand and glorious time with our easy money, like the young spendthrift just come into his patrimony. But settlement, day is eoming, and if iliflation is not stopped T thhik we will have a financial earthquake sure enough beside which the brought-on-by-too-much-easymoney panic of 1907 will be as nothing. The amusing feature of the situation is that the COMmon people have not caught on even yet, and think it is our wonderful robbing Peter to pay Paul "prosperity," the trusts, the tariff, underproduction and our more luxurious scale of living that are causing high prices, and do not know that it Is watered currency. They are drunk on "prosperity" find say things are worth more now. It never strikes them that things are worth just exactly the same and that it, is really the money that is worth less. Few even of the bondholders 4 5 ( realize they are being robbed. Every issue of "good" bonds is quickly sold at, a premium. There seems to be a mania sweeping over the country for issuing and selling bonds. The big thieves appear to think it, a good thing to get the money now while our dollars are still worth 65 cents in purchasing power as compared to the dollars of 1896 and invest in "improvements" and pay the bonds off twenty, thirty or forty years hence in dollars that may not be worth 25 per cent of their present purchasing power. But as rascality often overreaches itself, they may find there is a factor in their talculation they overlooked. . 1 11 1896 the Bryanites were clamoring for higher prices and more money to raise them. In 190s they wanted lower prices and less tariff' to lower them. In 1896 the Republicans told them there was money enough and that business was done mostly with checks anyway, which is true. But now it is the Republicans that are deluging us with cheap money. So that we, the plain people, might well cry out "A curse on both your parties." The currency has been increased about 52 per cent in thirteen years, so that we have already got about 65-cent dollars in purchasing power as compared to the dollars of 1896. Gold being the international legal tender, fiat money has a fictitious value far above its intrinsic worth. It is getting so plentiful and so cheap to get that its free coinage ought to be stopped. This I say notwithglanding I have four (4) gold mining claims, about 80 acres, in Arizona that would be utterly worthless if it is stopped. They are for sale cheap for eash, for I think the free coinage of gold will have to stop soon. Or, if the free coinage of gold is not stopped, as fast as it is mined greenbacks and national bank notes should he retired from circulation. Money is not Wealt h. am afraid We may get so much of it that we w111 find it is poverty. It is simply the counters wit l, vhiieli We exchange wealth. We ought, to hale uxed per capita of circulation so that when !MID lends his money he can get back" " 1 .11.‘ hat he lends, plus legitimate interest. No nuwe no less. And when a man borrows lie can pay back the exact amount in purchasing power borrowed. Not one cent more nor less, except a fair interest. Put the per capita circulation on a sliding scale, moving it up or down, and you are robbing one class for the benefit of the other, which is unconstitutional. We might, if our per capita circulation were not already too high, stand 1/ 4 to / 1 2 per cent increase each year in our currency. it is better to have the interest rates on a sliding scale than the volume of currency on a sliding scale. High rates of interest would act as a safety valve and prevent overproduction, overspeculat ion, etc. instead of elastic currency We need elastic interest rates such as we have always had and such as the Bank of England, Bank of France and Bank of Germany have. The increase about 81 / 2 per cent, about $3.00 per capita of our currency last year, is just simply an outrage on the lender. It wiped out his 6 per cent interest and impaired his principal 21 :, per cent. Won't money lenders have to raise their jilt crest rates 50 115 to cover the depl'eeillti011 in the purchasing power of t heir money? And then I here is that in $500,000,000 Aldrich-Vreeland unconstitutional sliding scale elastic emergency currency 111011St rosi I y hill. II may Insist prices so as.to exhaust the $500,000,000 and then require clearing house certificates to carry on business. The wrong is so flagrant it certainly cannot go much further. Even the dullest intellect will be forced to see the point. According to Frank G. Carpenter they are digging gold in South Africa at the rate of $4.00 per second with 50cents-a-day labor, and they propose to bring electricity 600 miles on an aluminum cable as big as your wrist from the Victoria Falls on the Zambesi river, to install electric lights and power for working the mines. He says also that the steamer Saxony, on which be came from Capetown to England, had on board $5,000,000 of diamonds and $25,000,000 of gold. If Great Britain has free coinage she may swamp herself with an qvcrproduct ion of money and eonsequent high 6 7 prices before we do, although her per capita circulation is at present far below ours. However, it is presumable she will be too smart for that, and will keep the most of her gold in bullion. Our newspapers are in the habit of boasting of our increased prosperity and to prove it cite statistics showing our bank deposits and commerce increased as shown in dollars. This is not a fair index to the increase in the volume of business. For as we have about 52 per cent more money and 52 per cent higher prices, statistics showing that we have 52 per cent more bank deposits and 52 per cent more business as expressed in dollars, do not prove that the volume of business has increased. It merely proves that the value of money has depreciated so that it requires more money to do business than we.otight to have to c(anpete on equal terms with England and other count ties fl)r the commerce and shipping business of the world. We cannot have quantity and quality both. When we gain in quantit y we lose exactly the SH me proportion in quality, and vice versa. The much harped on so-called "crime of 1873" did not decrease the amount of money in existence. Therefore it did not wrong the debtor class, as falsely claimed. But the tremendous increase in money in the last thirteen years has greatly wronged the classes above mentioned. The average per capita of money in the world is about $10. ‘Ve now have the $1.00-per-bushel wheat your adherents in 1896 said they wanted. If we could make the people see, as 1 do, that by discontinuing the free coinage of gold and resuming the free coinage of our own silver at 16 to 1, the present value, i. e., purchasing power of our silver dollars would not be decreased and the value of our gold dollars would he perhaps doubled, think they would all vote for a resumption of the free coinage of our own silver. Our thus demonetized gold would offset England's bullion gold, and she has no silver to offset, ours, except, perhaps, sonic ill Canada. So we would beat, all competition in the world's market for manufactured goods as well as for farm products. We would need no 8 protective tariff then. We would need no ship subsidy then. We certainly do need a prohibitive (Int y on all foreign silver and uncoined gold. To fun t her expand our circulation is a clear case of I rying to make sometLing out, of nothing. It is as absnrd as trying to raise onrselves by pulling on our boot straps or seliking to invent perpetual mot ion. I might say more along this line, but I doubt if a multiplication of words could make my position any plainer or stronger. If I am wrong either in my premises or argument, I would like to be set right. Very respectfully, A. C. LAKE, A Confederate Veteran Who Voted for You. RANDOM THOUGHTS. In 1912 the Republicans ought to stand for a diselmtinnanee of the free coinage of gold. In 1912 the Democrats might to stand for a discontinuance of the free coinage of gold and the resumption of the free coinage of our own silver, at 16 to 1. As it takes sixteen times as much silver (371.25 grains) to make a silver dollar as it does of gold (23.22 grains) to make a gold dollar, I don't think we could inflate our currency so rapidly with our own silver as wit h gold. Especially as China and India, with) their 700,000,000 population, would I ecome again, as of yore, the graveyards of our surplus i lv cv. These c at mml H's, notably India, 300,000,000 poimlat ion, make it into ornaments. Itut, if we should find we arc getting too much silver m(mey, we could stop its free coinage. lly coming to a silver standard I I hink onr circulat ing medium woulol be eut in t wo by denmnet izing gold by driving it to a premium. I don't see how else we en n reduce our undesirable lnirden of money without working wreck and ruin to millions of onr people. As soon as we threatened to come to a silver standard foreign holders of our no1payable-in-gold bonds and stocks would rush them over here and sell them and withdraw this surplus gold out of the count ry. Of course, there wonld ensue a terrible financial cataclysm, the effects of whieh might be felt for several years, 9 but the ultimate result would be so beneficial as I,) counterbalance the temporary hardships. A few years in I lie fife of a nation is but a short time. Our financial condition has got into such had shape t hat I think heroic measures are ill order to restore it to normal. The market value HOW of the silver in a silver dollar, 371.25 grains, is about -to cents. I lon't think the gold, 23.22 grains, in a gold dollar ,vould sell for that Dwell on its own merits. It is hard to make some otherwise intelligent people understand that there is not a dollar's worth of gold in a gold dollar, and that it is t he government stamp on it with the law behind it that makes it a dollar. Assuming, for example, that there may be only 5 cents' worth of gold in a roltl dollar and that the government stamp on it with the law behind it adds 95 cents to its value, making it one dollar, why should ""1 we. the government. ,.et this 95 cents in't eat! of ghing it to 115, t he gold mine owners, as heretofore': This bunco game should have stopped w hen our per capita got to a parity with England's, $15.00. in 1571 Germany exacted of ha nee as war ithlemnity 5,000,000.000 francs at 19.3 cents $965,000.000 gohl. Of this amount 120,000,0oo marks at 23.5 cent s--$2,,160,000—are supposed t o lie in the German %you chest in the ;Ittlitos tilwer iii t lie fortress of Spaudan, a western suburb .4 Berlin The hulk of this $96.5,000,0i11) gold %% used iii mia v ing off I he cost of the wa and vsliildishite:- the gold standard of eurrenc for re",":"1"".% • rho great plethora of money """ iii w dl speculation. Stock companies for all sorts of enterprises sprunt, up like mushrooms. The consequence was a great financial crisis in hid' lasted till 1576. I read 27) or 30 ago that I 4,11111111V N% Wit injured more by !,etI lift' this money than France was by losing it. I think likel) that it was in this way that she. untoil twat el% for hersel 1. got her per capita of inc .% hi $2 t.tni, N% above En.,: iaI t hat her prices and cost , 11g, ha 111.11.1.% been illere;1•4eil :1 .4 to seri li' Iv fat Ica ihet cl• •OlictsinColiirei mg wit I (1 England for commercial supremacy in the markets of the -world and on the high seasj which is the chief cause of the present somewhat strained relations between these two countries. Life insurance companies, savings banks and educational and other institutions, with endowment funds invested in "good gilt-edge bonds,' so called, should wire President Taft now and send strong delegations soon vehemently protesting against this senseleas suicidal inflation foolishness. The danger is imminent. Verbum sat sapienti—a word to the wise is valuable. The currency has been inflated 4 per cent per annum for thirteen years, making 52 per cent, and has depreciated in purchasing power 4 per cent per annum for thirteen years, making 52 per cent. So that the entire interest on these "good, gilt-edge bonds" has been wiped out during the last thirteen years. Beaides the market price of bonds has declined so that really the entire interest on 41/1 per cent bonds has been about wiped out. For $1.50 cash now is not worth as much as $1.00 cash was worth thirteen years ago. Whereas, stocks have not only paid good dividends, but their market price has advanced about in the same ratio as the currency has been watered. Superficial people, especially in Wall street, have not got penetration enough to know that the value of gold dollars can depreciate. They think they are the fixed standard of' value, whereas, their value finetuates exactly in the same proportion or ratio as their number is increased or decreased. These people think it is an indication of prosperity when prices go up. When really it is because money, by reason of inflation, is losing its purchasing power value so that it takes more of the debased stuff to buy things, that makes prices go up. It, is the money going down. We Americans have been reveling in a fool's paradise, thinking that money is wealth ii ml that there is a dollar's worth of gold in a gold dollar, overlooking the fact that even our gold dollars are only "chips" to do business with and that the more "chips" there are the less they are worth, and that, the unlimited 11 4 • free coinage of gold continued indefinitely might ultimately result in SO weakening the purchasing power of our gold standard dollars that it might take $100 in gold to buy an ordinary breakfast. Spain owed. her rise to silver . ller fall to too much silver. We may owe our downfall to too much gold if we don't watch out! Spain first lost her world trade to the Hanse atic League, later to England. Low high purchasing power Nv a ges with low cost of living versus high low purchasing power wages with high cost of and may do us, i. e., the Unite living did Spain d States. It is not China and Japan that are the yellow peril so inuelt as yellow gold coin. Rascality often overreaches itself. Did not Engla nd overreach herself taking the Boers' gold mines and may t hey not prove her financial and commercial ruin if she is not careful? I see in a newspaper dated March 12, 1909, that the production of these gold mines for the last twelve month s, as officially reported by the mine owners, is $149,7 88,950, an increase of 91A per cent over previous t welve !multi's. This is digging gold at the rate of about $4.75 per second for every second of :165 (lays of 24 hours each. (lreat Britain is certainly too shrewd to coin all of this "old junk" gold into money and put it into circulation. In fact, if she coula only be assured that we would be fools enough to v"iu it into money and add it, to our circul ation here it would be a on her part to make master stroke of stateera:,. us a present of emifigh 01 it to raise our prices so high as to eliminate us for a long period of time kets and the high seas. from the world's marDid not we overreach ourselves taking Panama from Colombia if the bottom of the canal or the bond market should drop out, whieh it should unless interest rates are I ncreased so us to Cover loNS4 in the purchasing power of the money, and it prove a failure? Did not we overreach Ourselves takin overlooking the Japanese factor g the Philippines, in the calculation, and had we not better lie generous and give them their independence and let p;oit I hem? Japan, with Japan protect and exher only $1.15 per cap- 12 Oi ita of money and consequent low high purchasing power wages and low prices, can buy our cotton, manufacture it into goods and sell to them cheaper than we can. The Memphis Commercial Appeal, April 22, 1909, page 1, column 3, says the Philippines are costing us $100,000,000 annually. So it is ourselves being exploited. What benefit are any of our Spanish possessions, anyway? Cuba's last little revolution cost us over $6,000,000, which, I think, we will lase. We did Spain a big favor when we relieved her of them. If all the nations of the earth had the same per capita of money there would be a great uniformity of prices throughout the world and there would he but little need for protective tariffs. Sly old Mother England, with her only $18.00 per capita of money, can afford to have practically free trade, but we, with about twice that much and still rapidly increasing, are forced to continue to raise higher our tariff walls. Little Switzerland, with only $17.00 per capita of money, is thus enabled to buy our cotton, manufacture it into goods and ship about $10,000,000 worth of them back to us every year, in spite of our 52 per cent high tariff wall. This is more cotton goods than we sell China's 400,000,000 population. We sell India almost nothing. Having only about one-half as much money per capita as we have makes Switzerland's gold money worth about t wiee much there as our gold money is worth here, dollar for dollar, 23,22 grains. If it were not for the fact that our laboring people would suffer greatly for the lack of work in the meantime, it would be a good thing if we could have free trade and buy all of our necessities abroad, so as to get rid of our glut of gold money. We could I hen lin ye the full dinner pail. For we could produce things at purchasable prices for foreign nations with less money than we have. They would then have the purchasing power money and we would have the commodities to sell them cheaper than they could make them. Our financial editors seem alarmed when gold is shipped away from this country. T am always delighted to see it 13 going away except that it indic ates ance of trade is against us. They that the balare alarmed for the loss of the money. I am alarmed for the loss of trade it indicates. Rece ntly I saw it stated that the Salt Lake Review had said: "Gold is always stable. An ounce of gold is worth the same, $20.67, today as it was ten years ago." This editor maybe did really belie He seemingly assumes that it ve what he said. is gold dollar that gives it value, the gold in a that gold per se is of but little while I assume value and that it is the government stamp on it with the law behind it that imparts the value. Anyway, they have both, combined into one, tion, lost one-third of their because of inflapurchasing power value in thirteen years. This question as to whether the gold or the stamp give s the value is with some people another form of the old enigma as to whether the hen or the egg came first. The money mills ought to stop until the population can overtake the oversupply of mone owners will protest that there is y. Gold mine 90 eents' worth of gold in a gold dollar and 10 per cent of alloy, and that other nations will be glad to- free coin it for them. Very well, gentlemen, We are delighted to hear you say so. Go, sell it for 90 cents. In refusing to be injured any further by you We would be glad to know we are not injuring you. However, we other nations will take thcir think likely these refuse to free coin it for you. cur from us and There is already plenty of gold money in the world for all practical purposes for many year s to come, and we here in these United States than is good for us. I thin already have mOre k we could get along very well if not a single dollar more of gold, silver or paper were issued in 100 renewal. We could buckle down years, except in to work and earn our money ofT of the ()t her nations, instead .of steam shoveling the gold ground and printing whol and silver out of the esale the paper mone on a gold basis at Washington:1 D. C., which y is come easy go ('ii Sy 111011(' V not good to get somethin and demoralizing. It is g for nothing. Tie that 14 hateth gifts shall live—Prov. xv: 27. He who will not take something for nothing will prosper. The government can make, if we need it, about as good money for home use out of paper as out of (Told making it irredeemable legal tender fiat money. That is about all gold money is except that it is an international legal tender. If a limit were put on this paper money it would be infinitely more sane and sound than this unlimite d free coinage of gold insanity. This paper money would not be an international legal tender fiat money as is gold and would not disturb our foreign trade as does gold. For no matter how high our prices might go in this paper money, it migh t not elevate gold prices beyond the export point, as do our high gold prices now. For the paper money if too plentiful would go to a discount under gold, as (luring and for years after the Civil War. Here below is an illustration of the higher prices for farm products that the Bryanites clamored for in 196: Recently we have been importing large quantities of potatoes from Grea t Britain and Germany and paying 25 cents per bushel tariff on them. The reason that we can do this is that Germany, having only about 60 per cent as much money per capita as we have, her prices are only about 60 per cent of ours, and Great Britain having only about one-half as much money per capita 115 We have, her prices are only about one-half of ours. And that is why she is mistress of the seas and the American flag is a rarity on the ocean. Recently I read in an English magazine that the average wage of the common laborer in England for twelve hours a day work is 1S shillings, about $4.35 a week. An English cotton buyer here tells me prices are advancing there and they get 20 shillings now,and that soldiers get six shillings a week and found. Not long ago T met, a gentleman from Threadneedle street, London. Ile had on a nice suit of clothes. T asked him how much it cost made to order in London. He said $15, and that he thought likely it, would cost $50 in this country. I think it would cost here at last $30 to $35, per15 .10; Sup v totiaa 01, wily: 10;1 s.6)(1 0111 [MU Jot! 0q4 0.1011M '.01.1113, Mai; 14! Sal10111 JO I !o 111 SZ1111 01I1 .0111 40111 .1! 110.10 0311.1U1 1S11111 S.1011101) 111.1 11111101.10 0S0111 s'1110.1d 00111 MLA 14.1111.1 JS01(1 1-111!>111111 S111)11 (p10,1 u! quaa z) 111 1.: 1,d 111p111 16,i011 mus aq tqaaailm ‘taitt.1 [tiptop() 110 u!)[ apapaad St; al.11.tu nu puti.tJ orIu sSup Maj a.tit Stni; 4ttil -sui; *Mou tisautistio0J s!q; .10.to 4sip;ds una ;;) 01 ludi sttopus.tadIts dtt .10 asttuaaq Bum) u! panaom twat( a.10;01a.tat; quit a.tuti tiatqui atu, aAII!qpioad aim .103 pig stt 01 mato riti;dd!tis aq ttoos pinom [mu 'sal um SpoqSuuU p0071 su sulta tt0.1; pto 2n;tutt; a.tu Sato putt e ttuqj u; [uoa [mu 110.11 Jo Spiald s; °Iota •pion tu Sup V sittaa g pimp 0; puha ‘.1aAus Li! Sup Llitt!lutu ‘sattoll ill .10J attoll titt waa • sniaa '.1it1ul-m-asirluttA ato tio `mwittitH lu pais qua.tS ato tiallooa atu, •plo ut; swat) t lump: 01 puha `Sup V aanuti fd11103 OL la'si unito 11; sla.toqui „•saipuisalus„ timo .1110 JO Slpocuttt Limo lout J; ‘Sia.‘!Itqa.t qatttu stt SlitIJ tt;;;‘).11 (taw 'aaotu 1313M aqs pas J 4a.taq o(1l* su uu;t1,) it; qatitu su Sint [um (1)102 u; slut» z; ploi(tt) aanus til 1311.10J S; "M0111 aau!s pill •VIJM13 pantaas II 4Sapit1ea s;to u! Slut pylon& tquaa g arm M011 S1.110 putt vom .10J Sup 13 tquaa g Sitio1o2 int!qj it; ttutuom u Tuto .,Itt!puaa . '021u s.tuaA •S3t10.1.1lla .1110 At1l1111 -111 111 001111.100i! 14140.1.t1 .1110 pi aplantia qstitit suop -LIIIaaplo asoto Jo saa!att wagaqj 4 •Sauod linloort1 asnuo,u; Sauout aim; °Am; sttooun •aniun alquaklullqa Jo win paq ato ti; °sato mou m0t1i Ilull II • attilop l)I0 pasuanap uoouu ti; I IUU puu aamod riti!sutiaand u Jo Sauotu JO atuttloA aq; muti); qou pH) ; PUV•qq;uam sum. efilla *41111( f 1113 an0(111 Saturn' 1q2n0to j ao,{ •Jood aaam Sato asnvaaq mato pm; Sauotu Jo stmdua lad mot pug pito suonutt itillttoto 4M0U MOU1 J unto ssa; maul 'aicussod ss Aauotu Jo vlIdti3 lad ti Timis BLI amrq uo!lvu Liana Jo 4sa.0411 alp ol s! •asualaap Aiiui OM '0511010111 111Att SOU, •saRlstiptt; atuot; .qato avittoiptd 01 palladtuoa ant Sato stuu, •suonutt talp.10J ttiolJ Stu; 0; Satiotti ato loft lon aituq Sato .114 'swum Imo .11014) Siddtts mall; saa.mi s!tu, •splaa 08 1110(111 Situ) u)1dua aad 91 soluut tiapim .1)10:4-1 u; .1u11(11) 01;1 uo wino.) nt 4ttoqu S1110 111.10m JaAllsUI s! Satiutti .1;a11; .101)!s -uoa OM ttaqm Silt:pads.) 'Sipadso.td iutaaatuttwa lu0.t.ri JO 0A0 MD 110 0.111 ‘,01110111. JO 011.11110A 111111114 .110111 JO akatuaaq '001 'tt;p111 putt uti;q0 •sunn` auNattui .1.);)mod ssaiallmis .0.t!)-14d11.1 'auunt011111 `aittp-ol-dti gum S111111 1111 1s11111111 siapu0v0(zz11111 aiales(10 11;0 q IIMSiii.t it 1111 soup ti till I ..)isiii.).1(1 -1111 up.lotillito.) .103 .toti q I'm al 111111 0111 111 00111111.0 010111 011 puuts '1,111 11)1 LII 11111111tu .ta(1 1110.) .tad lam PI0 u; tummy .tad 4ti00 .10d plow: rilt!sua.i.) -n! [Ns put! 861-1:i; Atm iCattotti 34) )11!(111.) .Lod S11.10 .1011 1141M '0110 1011101111 1)111111 .1011 M011 lf 1011 pit II .1011 U10.1 . 1 ..‘1111 .1011 1111114 sIlti!Ak Aati di a ;mu .101; isti!un'tt alt!qinoa Sunt Sag; 4uti suoiluu .tatuo I putt pituplA altnlautt putt an; I; 4o(1 11100 001 10 asoamaq 00; 011100011 pittotis aqs LIJ1I1 1 m0.1 laq qatuAN ' ,wpm ato JO )p 11.11 0113 1111 01105q13 03 ldit LII soap' M01 1110111o5 -110.) pill! SOU01U JO aad .%%0; .1011 tinm 1110111. 110! I! ladttioa mu Limo() utta Soil; lulu limns 05 0.111 S0110111 JO 1311111I0 .10d MO1 .110111 JO 1111100011 110 S01411011 -xa '3; 302 14.11.1‘111 S0111 111:1110.1J .10.1 11111 01 0.t'llti S0111 1131(M pill •inato gar; Hu.) Sato ttagm salua 1111-1!a.k; ittlapatuy wt. ; all-culla await,' awl 110 asauttdry atu, •suouttit 11.1111)111145 1)10;71 111111105 11011m patimdtt saapd .taq as!.tal 03 qa!tim u! i10.tuttt ap;m II sin; iludttp 0(!1(M 4p.t1bmum0p saapd Ano as!.‘aa 04 °AIN OM '01.1.1014 111 0.1011 op Salo ttuto *lath:au.) sla)puut uS240.10J 0; 1105 Sato ttaqm sIto op Siitni; slsnal um0 in() •witu!Ittu pta.tajm, aq; .1() Sauotu Jo stimlua an; ;I; saapd a!aql apturi Sato laadstis J puu '.tuaq lum OjJJVl3 ato aapd alt. } 1p1 uo aud 03 te.rinotta pm0.11114 0113 .Catij, .511 Sato liu!toSlaAa Ho 4110.td ptaa .10d pa.tpunt; ittlaAas 0j11111 qsttut Sou, %mat; paaudttioa sit luttt!samluit; s; watt; nooanpoid Jo lsoa ato 4a.1aq ()I* su tt; tian111 su lump: Snq 11[1%t 00'1* su .10i! •saatttolsna 01(111190.1d isunt .1!ato If aunt Suu plum gou op '1111dule JO saaupd lunqa.tant ato 's!nsm awl asinoa .1( ) •Hudtli. putt sti ttaam) -aq 113ht paluaaadap al! •S;!.) .1110 II; sum sittsmv alp jo aAouittaso.tda.t aatt;s altip 1.10qs V •apunt 110.!! pun spooli ilsOtrA pooff 511%! 1411 '09$ S111111 making them. These two wages of India and China show the correctness of my assertion t hat the per capita of money governs prices. For I ndia and China both have the same per capita, $2.00 in silver, worth, say, 40 cents on tlw dollar in gold, making 80 cents per capita in gold. This low per capit a of money for India is the reason we are now wrapping our cotton bales with comparatively rotten India jute instead of as formerly with the much superior Kentucky and Missouri hemp. Our hemp industry has been ruined by our high prices and our cotton and every other industry will be ruined if we don't stop inflating our prices by inflating our currency. The netzroes in Africa are learning how to work and will make the cotton and the linen industry will be stimulated in Europe and wool growing in Australia, Argentine and elsewhere. And foodstuffs will be produced more in other countries. The following are the approximate per capitas of money of the different nations, as given under Money in the Encyclopedia. Americana, published in 1903, in Chicago and New York: $11.511 .c111110 1k $2.00 I) China Cuba Bulgaria . India Servia .1a pi0 Turkey Rounutnia Egypt Finland Mexico 2.00 Canada 2.00 (recce 12.00 4.00 I ;erniany 21.00 Belgium 4.00 Spa in 22.5 13.5o 2.00 Switzerland . .. 17.00 :IMO Cape Colony .... 18.00 :3.00 Great Brit a i n ... . 18.00 4.00 5.00 6.00 Port uga1 Aust ralia 23.00 23.50 ....... 25.00 (00 Netherlands ..... 25.00 Russia .. 7.50 S. African Rep... 28.00 Hayti 8.00 U. S. $:!s, now.. 35.00 Austria-Hungary 9 00 South ..‘merica . 31.00 Norway 34 00 central America . . 10.00 Siam 38 00 10.50 France Italy 11.00 Straits Settlenets 48.00 Sweden Average per ca pit a of money in the world, about $s.90• 18 Looking at the foregoing list, we see that Mexico and Russia each have $6.00 per capita. Therefore their wages and cost of living ought to be about one-sixth as much as ours. And are they not? Have we not all heard of the 25-centsper-day so-called "pauper" labor of the peons and serfs? This 25 cents per day is worth as much to them as $1.50 to our common laborers. For other things are likewise in proportion. Egypt, per capita $4.00, good farm labor 10 cents a day. Labor so cheap they cannot afford to buy our high-priced labor saving machines, manufactured with high priced labor. France, I think, has heretofore prospered in spite of her high per capita of money because her people are much given to hoarding, i. e., practically burying their money, and do not use checks on banks nearly so extensively as we do. Besides, the Bank of France carries a large gold reserve; dead capital. It is also worth considering that France may have earned her money by thrift from other nations and did not manufacture it out of paper and cheap gold as we are doing. But even she is beginning to have her troubles, for on April 10, 1909, there was a button-makers' strike at Meru hecause their wages had been cut :30 per cent lo compete with Japanese pearl buttons. It could hardly be an accident that Great Britain and Cape Colony have the same per capita, $18.00. There must have been some good, well thoughtlint reason for it. I have recently been reading some very interesting let tens from Japan by Frank G. Carpenter. With all his traveling and natural astuteness, it seems .never to have occurred to him what relation the prices of a country have to the per capita of money of that country. Farm laborers in .1a pan now get 16 cent s a day without board for men and 10 cents for women, working front sunrise to sunset, lie says prices there have advanced greatly within the last few years. This is quite natural, for Ja pan has copiously watered her currency during these years, with large borrowings front foreign nations. Mr. Carpenter says there are 4,000 new factories there. The 19 cotton factories are running night and day, makdiviing from 12 per cent to 50 per cent annual womthe cents, 30 get dends. The men operatives hours' en 21 cents and the children 6 cents for ten work. The men get good meals, consisting of 2 1 rice, fish and vegetables, for 2% cents each-7/ navand yards shipbuilding The cents per (lien). igation companies are making about 12 per cent comper annum dividends. The banks and stock The more. and cent, per 12 to cent per panies 8 cent per 4.8 depositors savings banks pay the interest, compounded semi-annually. Oh! if we Japan, wily had as small a per capita of money as humanibe could We prosper. how we would tarians and profit at the same time, and put cotton shirts on the backs of all the poor peoples of our the world without skinning 'em alive with any • of those outrageous prices—higher than other nation of the world. We would have such raise high power money that we could profit ably minus at corn pound, vol ton at, minus 5 cents a a 25 cents a bushel and NOWA at minus 50 cents bushel, and horses, mules, meat, land, wages and everything else would be in proportion. As it is, We are a nat ion of selfish, greedy cormorant robloses bers, piling up money that spoils (i. P. the did as hands, our on power) purchasing Wilthe in Israelites manna (Exodus xvi) of the derness, when they got, greedy and gathered mon. I than They needed for their immediate wants. buildis Company Oil sun told that the Standard to a ing 31 railroad from La Paz, Bolivia, out easily grade, low solid mountain of gold of worked, free milling gold ore. Maybe a steam aemmshovel ePinhling III111)0siti"• Are we to modatingly free coin this gold mountain for them pmver and thereby furl her weaken the purchasing high sky go prices of our money, so as to make of and thereby rob all of our thrifty people toil of years by accumnlat(91 savings, cash their anything and sweat and self-denial? If there were might be there doing so by gained whatever to be excuse for doing so. Our go\ ernment ought money. to get at least ori-lialf for eoining it into 20 There are said to be over $15,000,000,000 On deposit in the banks and trust companies of the United States. All of this money in thirteen years has lost about one-third of its purchasing power, because of inflation, making about $5,000,000,000 lost. This is a loss of about one and a half billions of dollars more than all the money in the United States. Then there is the one-third loss on untold billions of bonds, mortgages, notes and life insurance policies. So I think it is safe to say that our people have lost in thirteen years several times over the total amount of money there is in these United States. Just think of it! Isn't it awful? Then there are the authorized several hundred millions of Panama bonds which when sold are to be used as a, basis for still further watering the currency with national Imnk notes. This basing the currency on at debt is queer financing anyway. There should be no more bonds sold on which currency can be issued. On December 1, 1909, there is already outstanding $707,43:1,547 of this national bank currency and $316,(isl,016 of legal tender greenback fiat money, which is better money than the nati(mal bank notes, Nvhich are not legal tender fiat money. Besides, gold can be withdra wn from the treasury with these greenbacks; also the national banks hold them as their legal reserve, for Bat ional bank notes.cannot be used. Also there are said to be immense, inexhaustible amounts of gold in Alaska, so that Alaska is an injury instead of' a benefit to us. We have been patting ourselves on the back for years over cheating Russia by buying Alaska from her for $7,200,000. If we had left Alaska to Russia she with her low capita of money and low prices could have caught the salmon and seals cheaper for its and mined the coal, copper, etc., and sold it, to us a great deal cheaper than we can ourselves. Besides, it looks like the trusts alight rob us of everything in Alaska anyway. Also, we could have bought the Philippine timber cheaper under Spanish rule there than we ell 11 under our own rule, for we have put up prices there too. Why not have I he 21 • free coinage of aluminum and be done with it? This aluminum money would go at a discount under gold and consequently would not so disastrously affect our foreign COD) uereial relations as does the free coinage of gold and the issuance of paper money on a gold basis, with the present international agreement making 23.2:2 grain gold dollars the international legal tender hat money. It would make no difference in our dealings with foreign nations how high prices might go here at home in this aluminum money. The height of prices would be governed entirely by the amount of this aluminum money put into circulation by the government. And free printed paper money would he just as worthless and a little cheaper to make and more convenient to carry. The low 114.1 capita'of money in Cuba, with consequent low prices there, is, I think, the reason they can raise sugar there so ninch cheaper than we can here. Then there is that cheap no-duty Philippine sugar and tobacco coming in to ruin our cane and beet sugar industries and tobacco raisers. There must he very little money there, for the native Filipino schotd teachers wider American supervision gel an average of only $9 a month stipentl. .Toseph Vrench Johnson, professor of political economy at the University of New York City, who has published a book, "Money and Currency," says: "It took $3,623 last year to pay for the necessaries of living that cold(' tie In'might for $2,500 in 1 till Sixty-nine cents ten years ago had the buying So he, figuring power of the dollar of today." on the cost of commodities and I figuring on the increase of the currency, have reached the same conclusion. I lis estimate of 69 cents is for ten years, while my estimate of 65 cents is for thirteen years. And each proves the correct fleSS of the other. Thus we see that my assertion that add 1 per cent to the currency and you depreciate its purchasing power 1 per cent, double the currency and you cut its purchasing power one-half, is a condition and not a theory. An4I the evil na.glit to be remedied at once bv stopping the free coinage (4' gold and bv stoppile. the issuance of 22 any more national bank notes or legal tender greenback hat money or Aldrich-Vreeland money, or any other kind of money. We need less money in order to have better money. It seems that Messrs. Aldrich and Vreeland want a central bank with power to expand or contract the currency. This would be a very dangerous machine if it should happen to fall into the hands of unprincipled predatory men, which it is very likely to do. They could elevate or depress prices at will by putting the currency on a sliding scale, which, I think, is unconstitutional, working it up and down, pump like, and suction all the money out of the people of the United States. There is enough of that kind of thing going on .already, and we don't want any more machinery to help it along. And if congress does pass any such law I hope President Taft will veto it, as did "Old liekory" Andrew Jackson veto in 1832 the United States Bank. All the currency reform we need is to stop watering it so copiously. And the United States treasury is a good enough central bank. For years past people who have been putting their bard-earned savings into life insurance pfilicies, "good, gilt-edge bonds" and savings banks have thought themselves almost as safe as if they had put their faith in the Rock of Ages. But they have hewn building their houses on the shifting sands. They have been put ting their watered money into letilzing barrel-2. As they poured in at the top it has run out at the bottom. Our government ought to charge as toll for coining inti) money, say, 50 per cent of all the gold (or gold and silver) received at, the mint. In this way a fund might be created with \\liich to redeem about $751,000,000 of outstanding 2 per cent bonds on \Odell are based a circulation of about $650,000,000 (on a like amount of bonds) of national bank notes and also redeem the $346,681.016 of legal tender greenback flat money for the redempt ion of which $150,000,000 gold is required by law to always be held in reserve at Washington, D. C., so that we mild become again as in 1835, a nation wit li21 sapolauj Tutu puu 'spoor' tisuziwei .k'n9 1,1 11,410% (j jIM aSuultaxa (II 019cun ‘,11 141111 .i!oql 10A115 0511 '111.10At 0(1 011.11 1 . 10 j 11 0u0 4110(111 4000011 Jo 000‘00000S lulu moi uoiii:J suit aoAus jo oopd ow) sap lunoa pozw.tio awl A'q .toAus Jo liurzilououlap atu ol 11194 taus oil •4t 014 watt; luaq 04 ilkinouo putus .).tu sumnitind -au atn ssaiun 'z;1 6i 11! Au111.).9.) II!ud111110 o! -oulou og014 voino itapim „.00 Is!I I i1110110.),1 u! lug moist atu„, paliouo 'u1111198014 uu '110 uololow Sq oiqu 11 )Uvurtuiv .101.1‘. pull Sa1I13uo0 InuoalaulN '60(41 `1!.n1y mu Jo (:49 . oiled pull I2fu!oliol0J Yiu!Ipm ooti!8 •s110!41111 .101110 1111 1/1111 1110 11.111 11101!) (1111M .1.11 1110.1011111100 U110 OA% SUAt Al m/ Ut.10. 10.t ,\0(10.1.1110 .10. 1 1119(1 SUL puv loauj mu) P0.1115 OM 11.411.11 zas[ 111M mil 2u!Anp P11111uo auo .11to aill 41109u sum 0144119 spa •sSup osoin smou Sup(' oi sqd11.11-1 ss)iomm Jou Igdpisuirols ltiuj ou alom 1-181 't-r, .ioqulaaafa ‘luogo pouilis sum oarod jo 4(iuo.1 4 oill aolju sSup #.;[ 1112noj SUM 01111111 5111,1, To.lopuniq igiaalljo i!oto 11111 '51011405 110110S -1105 110.11 '0.1.13.111 0.10.11 1113141.1t1 0111 •211!.111 0.10Joli tu!it 1oor1 j003 A0L43 sNaol No .1(093 ouipl puu pu.9 01 315111 11 0111111 511.11 41 su putt _ tininn .M(4-14(111.1 U101)0111 0A1111 1011 141) 1001(5 01 M011 maul sJoiunti spoom1j.m1 19() 1110 poptinom El pun pow( s ;111!sol !Nu ()Witt `111"11" n11!1111110.kk Putt rt11!11!>1 's.1111111111 .1.114 -A*4110.111. u! 110(1(1111M 5111101.10111V 000'9) •suitopo moN311 tismati oql '511uos -sauuol puIJ 511191ou3tioN S1150111 'om 31111 4 '8 4(.1111111111' SUM 4! asnuoaq pur 031111 111111 411090 U0411.1M SUM 31 OStivaaq 46061 '8 A.Ituttliti, tiv.011 •ffim •tioll alp o3 passo.ippu lam! Sul poop •os Sys puu 3fl0 qtlitp 01110o 03 ouoglaug oto gou onug Sotn guip 9114 Jo 3u1Lao1141! Ammo 0.111 sinsuoa ano NuTtn I •Souo.una paplJu! Aq posnuo ‘11.?)!t[ 003 Diu soapd ano 311114 s! 1105110.1 luviout -upunj '011.11 au Nu!til 0p0.13 30fi oto 'jou op J OM uosuoi anal ‘Iud!oupd OLfl ! s!to Numl 3011 op I ‘moN •alo quatu mns 01 5poo2 apin 31oud puu main aora puu oldoad alp Jo sonialmno -ad mu U11 swum otp Apii3s iou !pm Sotil rip IZ: SI S0114111100 1110.1.1.111() 011 1 10 0110.1 4 ail 4,,:;1 11 III siuutiolout .1114) z111!II.. 1 -11113 Saw) uosuoi Sirunutiuoa 0.111 501.1 1111100 11.1110.101 04 1411151100 .11111 1.10(10.1 111111141100 .11.11 1 111 '11110(1.1101.1 .1110 1110.11 4I! III PHU PUR 'OW 1 $ 1)."1"11 11110110 4(1.1.1 5! 0i0I1 1110(111 1111)111 U.101(1110S 11! 1/11 11 '00•13 1110411 5! 1101.1.0.) sitil III Souout Jo ui!duo .1.01 mil •SIlutioo An° 04 01110.) olim ill! II 11.11111.1 -11:1 0111 0111 15111. 5! 5111,14 0111011 41111 10.1 04 1101 411.14 -111 110111 4110 X.1.1110 .10.10 111011051 ..011 4 111H '0111011 1011(1 50.1141110.1 .100(1 .11011 1 p00.1 diaq 03 pin poui muot( 0.111 4.).1 (I) .0110U1 021115 01 S111111 1.1011 4m( -110 UV puu 5071um 0.t!4.111.144 t1 050111 JO 05111100( .1111) -U1 U101141108 1110.11 .10.10 ori AII1LIII 111o.ud II 111111 !mu .110 17111 -'1o!d .1()J s4U0.) 04 110111 011 1 111 U 14 11100 s 1101110M 111.111115 0113 'Sup 11 stuoo oi 1.d 0.10Ii 0111 '9 11111[110J '9 olittd 46061 Xlni. Jo) luo(1dy lup.i.nutuo;) .194 u! 5.115 11!lt4I I .1. .4.1.) •ptittod it 531100 01 Itt ttoiSo;) ist pios Ito; 11:114 pima 1 0011(5 01144 oulos •p0suo.1.)11! si Xotio.tino 4011(m1 .110111 JO .1.1m1111 1111!5 ult.u1111 .111 1 .1111 11011.11 ' u! 0ul1I1.11114 091 Ai poincu! :mu opload jo suou -itut imp put: aomod 41-111!sugaand jo 0.10111 .1111 S.tumos ‘.9.1•111(14 alio pm anvil om 5.1111101) Nor! 4(wim' su 0.)!M3 0A1311 0.1t 01101111V 111111 1/011111011 51 4(0U0.1.111.) 111011 0114 U011.1t 111111 MOU1 4011 Op S.111,14 01(11111111.1 1/1(d 093 saNum '14 puma(' mu! mil imm (11111145 luatuu.loAoll 0111 s! 41 111113 moul 300 op pio LI 0! plorl Jo 11 1.10M muliop 11s! 0.1091 )111!113 Sou-, •jo!log 1[1011111qm u! isouoti gnaajiod 0.111 Soil"; 0011111111 1/111041 JO wardpupd 114.19 oto jo aoutlaourl! punoithul .1!0t(4 111 •A'potiSiono lquauaq putt ppom awl sotiopuo '0110 I •LI! 4! 311111 S0110111 18011011 4 11 11.)(.) ‘110011 S! 5aMpi1 0113 JO 3110 2!1) 4(0111 laAlp4 p11 1/102 MD 1111(4 1511011 150M 1110 5.10111111 0111 .111011 01 00110.1.111000 110111 -11100 11 0411111 S! 11 '5010U 110114 1111M 14111101 111110111111 alp tlilnonD poJolum s! 4(0(1011110 9.)!Iim Jo suuaut Sq 51)110(1 woo aod snoaamsod jo 1)00`000 Jrczit 05010 :rhipp01 u! l!sodop atil osn putt 350.101 -111 11100 Jad klu!molp: sN11101 sliu!Aus inIsod us!! -qulsa 03 s! ilomm ‘Nu!ill 'mil; 3110145.).1d Sq Jo panolddu 'uuld 1)002 SIOA V 51111 44(AVU 0111 JO S.11110.1 -aas MOU i104(04kj puouaD-Joisuullsod-xa -Nap 3110 4. are springing up in India that are not only supplying the Indian trade, but are also shipping goods to China, and t hat factories are also starting up in China, and he suggests that the Chinese open door is more likely to swing outward than inward. I think this is the reason they are now having such hard times in England. Commander Wm. Booth of the Salvation Army reports November 17, 1909, hundreds of thousands out of work and their families starving in London and millions suffering for lack of employment throughout (;reat Britain. I suspect also that these factories are being promoted. by English capital, just as 1 suggested in my letter to Mr. Bryan, our factories would have to move to China, Japan and oilier countries where money is scarcer and necessarily wqrth more than here and wages and living cheaper and the cost of production a great deal less than here. The $2.00 per capita of China and India must be in silver, equivalent, say, to 40 (pills On the (bdlar in gold, which .would make the per capit as so cents in gold. As if in contirmaii)11 or Mr. Frewen's prediction that the Chinese open door would swing out ward, I see in the Pittslairg Chronicle Telegraph of September 24, 1909, page 6, column 2, an editorial, "China as m Purveyor," saying: "(111 July 30 last the British Provision trade experienced a severe shock from the arrival at London of a Chinese steatnship Iii tell with provisions consibting of wild fowl, snipe, pheasants, deer, hares, hogs, chickens, domestic ducks, geese and eggs, this being the lirst cargo of the kind received from the Celestial empire, which were offered at very low figures and found a ready market. That China's surplus ()I food supplies is vast, prices low, etc." Frank carpenter says there is an industrial school at :l'ient sin that pays the boys 10 cents a day, which is enough to pay for their board and clothes, and 11111 t here are hoarding schools in Peking with I uition and board at $3.00 a month. This 10 cents a day or $3.00 a month must lie in silver aiiil amounts I() only about 4 vents a day, or $1.20 a iiiiiiii h in gold standard money. 1;,,ld miners 26 wages in Korea is 25 cents a day. Here about $3.00 and up for eight lion is' work. The total production of gold from 1492 to 1907, inclusive, 416 years, was about $12,500,000,000, nearly all NVII1C11 is still in existence. The production or the world in 1s96 was about $202,251,600, in 1907 $404,000,000, in 190S $434,000,000, in 1909 $450,000,000 and increasing every year 4111(1 raising prices throughout the world. Another way in which these 2 per cent government bonds with which the currency is watered might be retired would be to offer the holders of them in exchange gold bonds bearing 3 per cent, 31/2 per cent or 4 per cent interest on which no currency could be issued. When I say cheap money I mean money of low purchasing power. The newspapers by cheap money mean money at a low rate of interest. Our prices are so high that our imports are increasing, exports decreasing, which, of course, increases the government revenue, but at the expense of the country. Dig gold and it will leave us. Stop digging it and it will come back ii ml stay with us, and be worth more to us. I don't like the idea of shill subsidy, but realizing. that we have just got to do something to get auxiliaries for our navy, I would suggest that (air government own ()aright. a merchant marine, manned entirely by white Americans, so as to make the service honorable, to be used (luring wars as naval auxiliaries. Our Southern congressmen might he induced to vote for such a, bill. I think the navies of Russia, (lermany, France and japan have no -foreigners aboard. Not many years ago the Ameriean Oceanic line plying bet. ween San Francisco and Australia, paying sailors $40 TNT month, was forced out of business by Japanese and other vessels paying sailors only $s per month. Soldiers in China get 12 cents silver a day, which is about, 5 cents in gold. Men reeling silk from the. cocoons 10 cents to 12 cents in silver working from daylight to dark. What good can the Chinese open door do us? All this twaddle about it , i a silly farce, so far as our ,tplhing I hem is (.01)(1.111(4i. niir robber prices boy- cott us. The salary of “en. Oyama, the commander-in-chief of the Japanese army, is only $3,000 a year, but when we consider its purchasing power in ,Japan, that is an immense sum. .--ifhe trusts may think it to their interest to inthe currency so as to have such high prices hate (' as to necessitate high tariff to keep out foreign goods. Senator Aldrich is for high tariff. The Aldrich-Vreeland $500,000,000 entergency currency is an inflation •measure. On the tobacco plantations in Java men get 10 to 16 cents a day, women 6 to 12 cents, children 4 to 6 cents, working from 7 a. in. to 5 p. m. There are more hogs in China than in Europe. I see in October, 1909, Consular Reports, page 117, that pork sells in China at 4 cents a pound, eggs at, 31/ cents a dozen and quail at 2 cents each. If these prices are in silver, which I think they are, 40 per cent of these amounts would be the prices in our gold standard money. On December 10, 1909, United States Comptroller of the Currency Lawrence 0. Murray reports "25,000,000 people have bank deposits, amounting to $14,425,523,167)." Add to this the money not in the banks and we have perhaps considerably over $15,000,01H1,000, about one-third of which has been lost in 1 'driven years because of inflation. He reports savings bank deposits at $5,678,735,379 deposited by 14,894,696 people. Total number of banks in the United States, fibout, 25,000, of which about 7,000 are national banks. Newspapers are constantly blaming the trusts and the tariff for high priees. This is enly half a truth, which, however, misleads the unthinking multitude. Our inflated currency is the first root cause of high prices, NVilkil makes a high protective tariff absolutely necessary to shut, out foreign competition. Tariff added to our already high inflated currency prices is only the secondary cause of high prices. The tariff, of course, gives the trusts a chance to rob its from behind the high tariff wall. However, if here were no tariff at all I think there would be worldwide trnsts. l'ossildv by systematic methoils and the eliminal ion of waste our trusts make --4a 28 big profits and still sell us cheaper than we could otherwise buy. We buy of South America about three times as much as we sell there, and of the Philippines we buy about twice as much as we sell them. As long as our high inflated currency prices bar its from the Latin-American markets we may confidently depend upon (lreat Britain to back us up in the Monroe doctrine. For she has nothing NVIlat ever to fear from our competition there, but she has everything to fear front t;ermany and other countries. I think if we should undersell her there we will have to abandon our Monroe doctrine. They are getting our gold via Latin-America 011(1 are satisfied. I see in the Literary Digest of December 25, 1909, page 1195, that prices for commodities on December 1, 1909, were 60 per cent higher than on • July 1, 1896, when they reached their lowest point. It took me 60 years of life, experience, travel and reading a nd I hree years of special observation, reflection and putting facts together to gain the knowledge 14) write the foregoing article. 11 is entirely original wit h me, a plain old fogy has)k keeper, for I have never read any works on political economy, but I think it, is good, commen sense, sound, logical, etiIt is as sen Iin II y correct and incontrovertible. clear to my mind as that two plus two equal four. A. C. LAKE, St., Memphis, Tenn. 28 North Front Originator of the charge 50 per cent toll for coinage idea. It will curtail the overproduction of g(.141 and help pay 1he government's expenses. Inflated currency is the sole first cause of our high prices, and inflation ought to stop at onee. Q. E. D. Last year Japan sold us almost one and a half tunes as much as she did to the whole of Europe. She bought of Europe nearly two and a third limes as much as she did I If its. Our sales to her were mostly raw cotton iind petroleum. Europe's sales to her were manufactured goods. Memphis, Tenn., January s, 1909. Pp% ised to .li11111/1EV S, 19111. 29 1 1 titan fur Trutt-al National Bank of Amur BY SAMUEL ADAMS TRUFANT Cashier Citizens Bank of Louisiana, New Orleans I Plan for Central National Bank of Issue HE proposed monetary legislation which is likely to grow out of the recommendation of the National Monetary Commission, ought to provide for amendments to the National Banking Act, the operation of which would be so favorable to the .banks chartered under the National banking law that all the state banks of check and deposit would shortly be led to give up their charters, and qualify under the amended National Banking Act. We ought to have in this country but one banking system for banks of check and deposit, and by so amending the National Banking Act as to provide for the capital of a Central Rank of issue and discount, I think that object can be accomplished. Safe deposits, savings banks and trust companies should be left to operate under their state banking T laws I would suggest that the National Banhing Act be so amended as to require each ibank chartered under the Ngtional Banking Act to subscribe for the stock of the Central Pank of issue and discount, 33 1-3 per cent. of their capital and surplus; that the capital of the Central Bank should not be limited to aly specific amount, but may be increased or decreased according to the number of banks qualifying tinder the National Banking Act, and that the entire capital of the Central Bank, represented by 33 1-3 per cent. of the entire capital and surplus of the National banks, should be Invested in gold and held in reserve against the authorized issue of the notes of the bank, which should, in my opinion, only be limited to an amount equal to the entire capital the lot of the National banks, and further provide that manof committee operation of the bank should rest in a a,gement, composed of a manager and four assistant managers, the manager to be appointed by the President of the United States, but to qualify only upon being confirmed or elected by a majority of the twenty-one directors. The four assistant managers should be nominated, one each respectively by the Secretary of the Treasury, the Di rector of the Mint, the Treasurer of the United States, and the Assistant Treasurer at New York, and to qualify only when confirmed by a majority of the votes of the twenty. one directors. I would suggest that these officers be eleet• ed for life or good behavior, under certain age or physical and surplus presented by the National 'banks. The Central Bank should not issue notes of denominations smaller than $5. I would suggest that the stock of the ,Central Bank held by the National banks as provided above, should be nontransferrable, but remain the property of the bank to whom It is issued and counted as part of their legal reserve to that extent or amount. To Do Business With National Banks Only. The 'Central Bank should be permitted to re-discount only for National banks up to their full capital and surplus to receive deposits only of National banks on which the rate should be fixed at 2 per cent, on daily balances. I cannot see that it is necessary--at least in the beginning—to in any way disturt the present workings of the IT. S. Treasury or the present method of bond-secured National bank note issue. In fact., I think it is necessary to propose as few radical changes as 'possible in the initiation of this important monetary departure. It will be several years at least—possibly five—before the Central Bank, working under this proposed charter, or for that matter. under any proposed charter, can satisfy the masses of the peopile that it is not monopolistic, and is not subject to thb control of any political party or any icombination of financial interests of any one particular section. To popularize the granting of the charter to such a corporation, it would be necessary to guard against just these misgivings on the part of the great mas:.es of the people, and this is the rock upon which I have :putt; how to provide for the board of d'rectors. The Government, of course, must have recognition. Create a board of twenty-five directors to include ex-officio the Secretary of the Treasury, the Treasurer of the United States, the Director of the Mint, and the Assistant Treasurer of the United States stationed at New York, where the headquarters of the bank should unquestionably be, and provide for the election of twenty one directors by the bal- 4 disability restrictions. Payment of Dividends. The charter should provide that the bank may declare semi-annual dividends not exceeding 5 per cent, per annum All dividend checks to be payable to the Comptroller of the Currency for account of the bank in whose favor it has been drawn only upon certificate of the Central Bank that all claims for services rendered, assessments or losses growing out of re-discounts have been fully and satisfac, torily adjusted. All profits in excess of 5 per cent, per an. num cumulative to be divided equally 'between the bank ti and the general Government. It sPems to me that it might be well to liaAe sunlit pfuision to restrict the votes of the stock-holding banks for di• rectors to those who either have served or at the present time are serving as president f the 'clearing house in some of the largest cities, to be designated in the chanter. The manager of the Central Bank should receive a salary of thirty-five thousand dollars a year, and the four assistant managers should receive a salary of twenty thousand dollars a year. The twent3-one directors should be requir:bd to meet at least four times a year, and they should be allowed a compensation of five hundred dollars pitch meet. mg, anti traveling expenses. 5 raising or lowering the rate of discount, so as to expand or contract to meet the trade requirements with elasticity. Capitalization of the Central Bank. Assuming the capital and surplus of the National banks now incorporated amount to about $1,350,000,000, and the capital and surplus of the state banks, operating as banks of cheek and deposit, amount to $750,000,000, 33 1-3 of that capitalization would be approximately $666,000,000 of gold, which would form the capital of the Central Bank, if all the state banks surrendered their charters and qualified um der the amended National banking laws. I regard the elastic feature as very important, for it provides that every bank of check and deposit should be forced to carry 33 1-3 per cent. of its capital and surplus in gold coin which is deposited with the Central Bank, but the note-issuing power is vested only in the Central Bank. There is no question but that if every bank In the United States carried a gold reserve equal to 33 1-3 per cent. of an authorized issue of bank notes, that that provision of i+seif would be a sufficient safeguard, but the great trouble then would be to establish the certainty that each bank had in its vaults in gold the necessary 33 1-3 per cent, of its noe issue. Penalizing the bank for violation of this law even to the extent of taking Its charter away, would be a poor consolation for the mischief which might be created by a laxity of imprudent bankers. Savings Trust Departments. No National bank should be permitted to operate a savings or trust department. Savings banks, safe deposit banks and trust company features should be divorced from the National banks. However, it would be wise for the state laws governing the trust companies, safe deposit and savings banks to restrict the operations of such institutions, so as to further safeguard these trust funds and draw a more distinct and well defined line between the business of investment and homestead companies, and the deposi.;:s of savings and trust banks. The Central Bank should rediscount commercial paper which has not exceeding ninety days to run, or at the outside not more than four months, for National banks only at a rate not to exceed 6 per cent., but no loans should be made on paper secured by bank stock or real estate mortgages, but further loans to National banks should be made en call or demand., secured by state, municipal or other bonds, such as may be classed as safe investments for savings banks or by authority of the board of drectors for 90 per cent. of their market value, not exceeding par of such bonds. The Central Bank should be pmhibited from tran3acting business of any nature whatsoever, except with National banks. No Government funds should be deposited in the Central Bank. The most important thing is to get the great mass of the people to understand that the Central Bank is not intended to operate as a money-making institution, but to emit a stable and elastic currency to facilitate the National banks in 'providing a circulating medium which will at all times respond to the requirements of the country. The stock held by the National banks In the Central Bank should be assessable for any deficiency in the earnings, because under normal conditions the Bank is not likely to do a profitable business, and that is why I have Jug7 The Government having igiven power to the Central Bank IA) emit paper payable on demand, it must make certain that the reserve is always held inviolate, and the Government must further accept the notes of the Central Bank for any and all obligations except custom duties. Our gold reserves are too light under the present system, but with the gold reserve always in the vaults of the Central Bank, equal to 33 1-3 per cent. of the combined capital and surplus of all the banks now incorporated or to he hereafter inexmporated under the National Banking Act, we shall have established a basis for a circula,ing medium %%Mich will be absolutely safe, and the issue r(gulated by a gested that the stock should be entitled to a cumulative dividend of 5 per cent. The term of twenty-one directors should be by allotment, to be fixed so that seven directors would retire after serving three years, seven after serving four years, and seven after serving five years. The chairman of the board should be elected by the twenty-one directors, and he should be ex-officio of the finance or executive committtee. There should be special compensation provided for committee meetings, and special meetings of the board should be called by the executive committee or 'by the manager upon application of any seven members of the board. I .would suggest a provision requiring the Government's pro-rata of net earnings of the Central Bank, say 50 per cent. of the net earnings after providing for dividend at 5 1,er cent, per annum, cumulative, to be used to retire the Present oustanding legal tender notes, and the bank should distribute its surplus fund, if any, in special dividends to the stockholding banks yearly. The rate of discount should be .fixed by the committee of management on Saturday of each week, after the close of business, and the bank should be required to publish a statement of its affairs including rate fixed for discount on Saturday evening or Sunday morning. Later on, it may be necessary to amend the act to create the Central Bank, so as to provide for branch 'banks in Chicago, !St. Louis, New Orleans and San torancisco. It. may also be inecessao to arrange for the Central Bank superseding the !Sub-Treasury in its service to the Government, but I do not see any necessity for any branch banks at the present time. The note issue of the Central Bank should of course be exempt from taxation and the income should also be exempted from the 'special excise tax. To obtain exemption from state and municipal taxation for the capital it may be necessary to locate the Central Bank in Washington. (Rvpriiiteol frill,' THE FIN.1NCIEli. New Nuvo.mht.t. s, 1909.) distributed form of wealth is sqnply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically .and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a' natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values at an arbitrary valuation—by tile certificate process on application of the owner- at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS ," By James D. Holden. Sent post-paid for 25c. Address tary Land Currency League. 281 Kittredge Bldg. Denver. SecreColo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for ex tinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It wili not be denied that in the the true method of issue depends upon last analysis what money IS. We do not answer the question —"what is money?" by replying, "it is a creat ion of law." This answer only explains how it is brou7 existence. Nor do we define its character.-ht into by saying, "it is a medium of exchange ." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secon dary capacity. What then is money? In common parlance, it is "a representa tive of wealth." If to this popular definition we prefix the compound word "legal-tender," comprehensive definition indicating we have a primary character—that of an authenticated its debt-p aying device. Concisely and generically is "a legal-tender representative ofdefined, money wealth." For the reason that it is an artificial repre sentative of wealth, money should be issue d by the state as such. It should be issued to wealt h-owners, on application, for the reason that none but wealthowners can be entitled to a wealth repre sentative. They alone have earned the right to demand such a symbol from the state for comm ercial uses. Hence a scientific issue of legal mone y cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbu rsing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona tide money at will, it may arbitrarily use what it creates dieharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money 'should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products- or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state -coniplying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into exist6nce in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth ia simply one of expediency, safety and economy. Because a currency repre,entative is essential to the welfare of the producer. his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values -at an arbitrary valuation—by the certificate process -on application of the owner--at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF' MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide rrio•ey at will, it may arbitrarily use what it creates ;n discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is bronght into existence. Nor do we define its charact,r by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, monoy should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property: but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain-- head -the state --complying with, necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production. it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth :u simply one of exped iency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to deman d and receive it on application should be recogn ized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative curre ncy? How can the interests of the producer be adequa tely protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMA By James D. Holden. Sent post-paid for 25e. N AFFAIRS." tary Land Currency League. 2:11 Kittredge Bldg. Address SecreDenver. Colo. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it he "paid into circulation" f,ir public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last inalysis the true method of issue depends upon what money IS. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, 'Sit is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual - - those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth id simply one of expediency, safety and economy. Because a currency repreentative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values - at an arbitrary valuation—by the certificate process--on application of the owner—at coht of issue— we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvcrnents, fnr extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, 'it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth.' If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the i?eason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mom .v at will, it may arbitrarily use what it creates i!, discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in excharge for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the stPte complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth i4 simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values -at an nrbitrary valuation—by the certificate process on applictItion of the owner-- at cost of issue----we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo. The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer., at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF' MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money' IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This , reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot he disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide rnotie, at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue. cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should he at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual- those to whom it is a necessity should be able to obtain it from the fountain—head—the state -complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. . And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is oimply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values---at an arbitrary valuation—by the certificate process----on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 215c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government! n: Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It wiil not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide me .ey at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into e4istence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially ditTerent propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that. because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state —complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production. it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume: and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values-- at an arbitrary valuation—by the certificate process on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of'scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James 1). Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members Of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government! II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money I S. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance„it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If • for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain head—the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under Ow measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- -at an arbitrary valuation—by the certificate process on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read “THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 251 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer., at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" T. Should it he "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not, be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the questiorr.--"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mo!.ey at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products- -or free from the exactions of the individual--those to whom it is a necessity should be able to obtain it, from the fountain—head—the state complying with necesary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth Ili simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation— by the certificate process --on application of the owner---at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 211 Kittredge Bldg. Denver. C,olo, The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' , I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona tide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth Kepresentative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products - - or free from the exactions of the individual— those to whom it is a necessity should be able to obtain it., from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth na simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values at an arbitrary valuation—by the certificate process---on application of the owner --at cost of issue— we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATF?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: • It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the rea:on that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state far commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and is§ue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the 'state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates tho two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in excharge for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than 1 hat our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that, no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values- at an arbitrary valuation—by the certificate process---on application of the owner --at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25e. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It wiil not be denied that in the last anal:sis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot he disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear thnt no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent iind widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? ,How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process—on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason thtZt it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for t.he reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or Uuties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual---those to whom it is a necessity should be able to obtain it from the fountain -head--the state- complying with necessary regulations. Nothing is more certain than that our financial ills are aue to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth id simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values at an arbitrary valuation—by the certificate process -on application of the owner— at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOI,FE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James I). Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Robit. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE oF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot he readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state--complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in-quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values- - at an arbitrary valuation—by the certificate process—on application of the owner--at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS; By James D. Holden. Sent post-paid for 25e. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: it will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question— "what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bonatfide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. 013N. iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual— those to whom it is a necessity should be able to obtain it from the fountain—head—the state- complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Sinice money commands individual wealth in market--how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In eonelusion, we most respectfully suggest that in the proposal to monetize land values---at an arbitrary valuation—by the certificate process --on application of the owner—at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 2.lCc. Address Secretary Land Currency League. 231 Kittrodge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATF,'"' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the poiver to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should he able to obtain it from the fountain—head--the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: Tn conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process --on application of the owner —at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BA LLI NGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James I). Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. The Land Currency League to In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products--or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state--complying with necessary regulations. _ Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values --at an arbitrary valuation—by the certificate process ---on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money Is. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying-, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by thestate as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositi4ns. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well s his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state- -complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market-,--how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process---on application of the owner—at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read “THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer., at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, 'Sit is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the-two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. , All ex istingmoney was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are•separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should he at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production. it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right ti demand and receive.it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should 'be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values-- at an arbitrary valuation by the certificate process -on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James I). Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer., at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid ii,ato circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? • III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensi hie: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent .upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market-- how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values-- at an arbitrary valuation by the certificate process -on application of the owner—at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October. 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James I). Holden. Sent post-paid for 25e. Address Secretary Land Currency League. 231 Kittredoze Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to lion. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it he "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it. may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by say`Sit is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? En common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to. the wealth-producer. If for any reason this essential cannot he readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values at an ar bitrary valuation—by the certificate process —on application of the owner—at cost of issue— we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25e. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Col!). SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reforme;, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method df issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head -. the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth at simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values -at an arbitrary valuation by the certificate process —on application of the owner— at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25e. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Cob, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Robit. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we. define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot he disassociated from individual wealth. All existing money was issued in accordance with this principle. The .state, it is true, has the power to create and issue legal money without reference to ,property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state--complying with necessary regulations. Nothing is more certain than that our financial ills are (hie to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values -at an arbitrary valuation—by the certificate process— on application of the owner—at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October. 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 211 Kittredge Bldg. Denver. Colo, The Land Currency League to • In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its uower to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual--those to whom it is a necessity should be able to obtain it from the fountain—head----the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the, measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values—at an arbitrary valuation—by the certificate process on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. • CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: IL will not be denied, that in the last ahalysis the true method of issue depends upon what money IS We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth," For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state foe commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own.the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of Our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation--by the certifi.ate process---on applic•atioil owtieL --at ct of issueare proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonyngc. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government hanks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide monyy at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot he scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products--or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state—complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is char that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- -at an arbitrary valuation—by the certificate process - on application of tho owner-at,cost; of issue -we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BA LLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF' MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extingiiishing the public debt, and ft,r defraying the expennes of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, 'Sit is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal nieney cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property: but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mone,' at will, it may arbitrarily use what it creates ir discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. ObN.iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head--the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process —On application of the owner--at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD W.OLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James I). Holden. Sent post-paid for 26c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Lund Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' 1. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expert of 6a.- national government? II. Should it be "loaned to the people" on pledge of security, by "government hanks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We otter the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and 5enerically defined, money is "11 legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All exiting money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates i!) discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our finnncia! iiis are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values-- at an arbitrary valuation—by the certificate process --on application of the owner— at cost of issue—we are proposing Isk,•• your thoughtful consideration a fiscal: system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25e. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national i., ;overinilent? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? • We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "It is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create arid issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relatioanship between the power df the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth; alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state- -complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is char that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market--how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values at an arbitrary valuation—by the certificate process---on appikation of the owiter—at cost of issiie—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. VI Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. 'Feller. Hon. Roth. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national go..-frrimei:t? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will .not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth:" If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money w us issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state- complying with necessary regulations. Nothing is more certaan than that our financial Ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, And the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- at an arbitrary valuation—by the certificate process - on application of the owner --at cost of issue--we are proposing.for your thoughtful consideration a fiscal system which responds to the every requirement of scientifif- money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read "THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, sand the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledgc. of security, tcy "government banks." al nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to.a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution 45f product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state -complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that coo small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar tht no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values—at an arbitrary valuation— by the certificate process - on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of nci-ritifie money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIR S," By James D. Hoiden. Sent post-paid for 25c. Address tary Land Currency League, 231 Kittredge Bldg. Denver. SecreColo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer., at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pierige of seeurity, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: it will not be denied that in the last anaiysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," wti have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. Al! existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mone• at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How c.an the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- at an arbitrary valuation—by the certificate process -on application of the owner--at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? Should it he "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money Is. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right, to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All oxisting money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide morwy at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other. rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products--or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state---complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- -at an arbitrary valuation—by the certificate process --on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the pepple" on pledge of serurity, by "government hank," at 14 nominal charge? • III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tendcr representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but.its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who May own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply -one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values—at an arbitrary valuation—by the certificate process--on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a tisCal system which responds to the every requirement of scientific money. Very Respectfully CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "frovernmenL banks," at a nominal charge? 111. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It vviii not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, `Sit is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an 'authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mont v at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any - reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—th,ose to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency eepresentation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity suffieient to engage our full powers of production, it is cle ar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. SCIENTIFIC MONEY. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Supplemental Communication No. 5. Since money commands individual wealth in market-how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. Hon. Henry M. Teller. Hon. Robit. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In conclusion, we most respectfully suggest that in the proposal to monetize land values-at an arbitrary valuation-by the certificate process-on application of the owner- at cost of issue-we are proposing for your thoughtful consideration a fiscal system which responds to the every requir.ment of scientific moliey. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING F'ACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo. The Land Currency League to In the opinion of the members of the Lund Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? Ii. Should it be "loaned w the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issue by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing ,money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property ;but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide mon,'y at will, it may arbitrarily use what it creates ill discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state- -complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is elcar that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT In conclusion, we most respectfully suggest that in the proposal to monetize land values at an arbitrary valuation--by the certificate process on application of the owner—at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James I). Holden. Sent post-paid for 2hc. Address Secretary Land Currency League. 251 Kittredge Bldg. Denver. Colo. tINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: it will not be denied that in the last, analysis the true method of issue depends upon what money IS. create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-t ners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. 1-lence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is•superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should he at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state--complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market--how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values -at an arbitrary valuation--by the certificate process--on application of the owner- at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. • RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 215c. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last alalysis the true method of issue depends upon what money IS. create. bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, —it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. [fence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products ---or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state - complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And If under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage, our full powers of production, it is clear that. no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize lapd values- at an arbitrary valuation—by the certificate process on application of the owner at cost of issue we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD W()LFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James D. Holden. Sent post-paid for 25c. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenges of the national government? II. Should it be "loaned to' the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, abort', is scientific and defensible: It will not be denied tha t in the last ai alysis the true method of iss ue de pe nds upon what money IS. We do not answ money?" by replying, er the question—"what is "it is a creation of la This answer only explai w." existence. Nor do we ns how it is brought into define its character by ing, "it is a medium say of exchange." This replysimply defines one of its thr ee functions. In money acts as a medi um of exchange in a sec fact, capacity. ondary What then is money? In common parlan wealth." If to thisce, it is "a representative of popular definition we pre the compound word fix "le comprehensive definitio gal-tender," we have a character—that of an n indicating its primary authenticated debt-paying device. Concisely an is "a legal-tender repd generically defined, money resentative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the rea son that none but wea lthowners can be entitled to a wealth representati ve. They alone have earned the right to demand su ch a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from indivi dual wealth. All existi ng money was issued in acc ordance with this princi ple. The state, it is true, has the power to cre ate and issue legal money without reference to pro perty; but its power to do, and its duty is the premis es, are essentially differ ent propositions. Obv iously there is no relationship between the power of the state to create money, and the act of disbur sin g it. They are separate and dis tinct functions, or dut ies. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in dis charging its obligations. Since money is a necess ity to the individual, it is evident that a syst em of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alo ne, invalidates the two me thods of issue first enumer ated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearl y defined in the written law . The conclusive reason wh y the plan of issue we suggest is superior to all others, is that it is the onl y defensible method of ma king the citizen independent of those who ma y own the stock of leg al money. A sufficiency bei ng essential to a just distribution of product, mo ney should be at all tim es accessible to the wea lth-producer. If for an y reason this essential cann ot be readily obtained in the market in exchange for products—or free from the exactions of the indivi dual—those to whom it is a necessity should be abl e to obtain it from the fountain—head—the sta te- -complying with necessary regulations. Nothing is more certain th an that our financial ills are due to the fact tha t too small a percentage of individual wealth is giv en currency representation in the circulating medi um. And if under the measure we suggest, lan d owners should call ne w money into existence in qua ntity sufficient to engage our full powers of pro duction, it is cicar that no other source of supply would be necessary. The imperative need is a SU FFICIENCY, and the pro posal to confine the iss ue of such a volume to the owners of our most stable , permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values--at an arbitrary valuation—by the certificate process on application of the owner— at cost of issue--we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS," By James I). Bohlen. Sent post-paid for 25e. Address Secretary Land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Roth. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting thenancial student, and the currency reformer, at t 's time, is: 4 "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government hanks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what moncy IS. We do not answer the questioii—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to. demand such a symbol from the state for comm . ercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to proper ty; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obviously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the' wealth-producer. If for any reason this essential cannot he readily obtained in the market in exchange for products—or free from the exactions of the individual--those to whom it is a necessity should be able to obtain it from the fountain—head—the state----complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency 'representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests qf the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- - at an arbitrary valuation— by the certificate process -on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BIC,E. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS." liy James D. Holden. Sent post-paid for 2bc. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. C4.,lo. SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M.'feller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer, at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF' MONEY BY THE STATE?" I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last a utlysis the true method of issue depends upon what money IS. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can create bona fide money at will, it may arbitrarily use what it creates in discharging its obligations. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the. written law. The conclusive reason why the plan of issue we suggest is superior to all others, is, that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head--the state - complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely diistributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values- at an arbitrary valuation—by the certificate process - on application of the owner--at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. BICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read -THE DISTURBING FACTOR IN HUMAN AFFAIRS ." By James D. Holden. Sent post-paid for 25r. Address Secretary Land Currency League. 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. 'Feller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Ourrency League, the vital question confronting the financial student, and the currency reformer, at this time, is: 'WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it he "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide mom,' at will, it may arbitrarily use what it creates i discharging its obligations. We do not answer the question—"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender." we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." • • For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in exchange for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state complying with necessary regulations. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is clear that no other source of supply would be necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely distributed form of wealth is simply one of expediency, safety and economy. Because a currency representative is essential to the welfare of the producer, his right to demand and receive it on application should be recognized by the state, because, in complex society, his needs cannot be otherwise logically and scientifically supplied. Since money commands individual wealth in market—how can those whose wealth it commands be protected if the equivalent may be issued by the state otherwise than as a representative currency? How can the interests of the producer be adequately protected if this potent agent may be "paid into circulation" at the pleasure of public officials? Obviously there should be a natural limit to the volume; and the official issue should be scrupulously guarded by scientific, equitable and inflexible rules. In conclusion, we most respectfully suggest that in the proposal to monetize land values-- at an arbitrary valuation— by the certificate process--on application of the owner—at cost of issue—we are proposing for your thoughtful consideration a fiscal system which responds to the every requirement of scientific money. Very Respectfully. CHARLES M. RICE. WEBSTER BALLINGER. RICHARD WOLFE. JAMES D. HOLDEN. Committee. Denver, Colo., October 1909. Read THE DISTURBING FACTOR IN HUMAN AFFAIRS." By James D. Holden. Sent post-paid for 25c. Address Secretary land Currency League, 231 Kittredge Bldg. Denver. Colo, SCIENTIFIC MONEY. Supplemental Communication No. 5. The Land Currency League to Hon. Henry M. Teller. Hon. Rob't. W. Bonynge. Colorado Members of the National Monetary Commission. Gentlemen: In the opinion of the members of the Land Currency League, the vital question confronting the financial student, and the currency reformer. at this time, is: "WHAT PRINCIPLE SHOULD GOVERN THE ISSUE OF MONEY BY THE STATE?' I. Should it be "paid into circulation" for public improvements, for extinguishing the public debt, and for defraying the expenses of the national government? II. Should it be "loaned to the people" on pledge of security, by "government banks," at a nominal charge? III. Or should a sufficient volume of representative currency be called into existence by the owners of such values as the state may monetize with absolute safety by the certificate process? We offer the following argument is support of the proposition that of the three methods of issue enumerated, the last named, alone, is scientific and defensible: It will not be denied that in the last analysis the true method of issue depends upon what money IS. create bona fide mcney at will, it may arbitrarily use what it creates in discharging its obligations. We do not answer the question —"what is money?" by replying, "it is a creation of law." This answer only explains how it is brought into existence. Nor do we define its character by saying, "it is a medium of exchange." This reply simply defines one of its three functions. In fact, money acts as a medium of exchange in a secondary capacity. What then is money? In common parlance, it is "a representative of wealth." If to this popular definition we prefix the compound word "legal-tender," we have a comprehensive definition indicating its primary character—that of an authenticated debt-paying device. Concisely and generically defined, money is "a legal-tender representative of wealth." For the reason that it is an artificial representative of wealth, money should be issued by the state as such. It should be issued to wealth-owners, on application, for the reason that none but wealthowners can be entitled to a wealth representative. They alone have earned the right to demand such a symbol from the state for commercial uses. Hence a scientific issue of legal money cannot be disassociated from individual wealth. All existing money was issued in accordance with this principle. Since money is a necessity to the individual, it is evident that a system of issue cannot be scientific which makes the quantity dependent upon the discretion of public officials. This truth, alone, invalidates the two methods of issue first enumerated, and vindicates the third. Obv iously the monetary rights of the citizen, as well as his other rights, should be clearly defined in the written law. The state, it is true, has the power to create and issue legal money without reference to property; but its power to do, and its duty is the premises, are essentially different propositions. Obviously there is no relationship between the power of the state to create money, and the act of disbursing it. They are separate and distinct functions, or duties. It by no means follows that, because the state can The conclusive reason why the plan of issue we suggest is superior to all others, is that it is the only defensible method of making the citizen independent of those who may own the stock of legal money. A sufficiency being essential to a just distribution of product, money should be at all times accessible to the wealth-producer. If for any reason this essential cannot be readily obtained in the market in excharge for products—or free from the exactions of the individual—those to whom it is a necessity should be able to obtain it from the fountain—head—the state—complying with necessary regulations.. Nothing is more certain than that our financial ills are due to the fact that too small a percentage of individual wealth is given currency representation in the circulating medium. And if under the measure we suggest, land owners should call new money into existence in quantity sufficient to engage our full powers of production, it is cicar thrit no other source of supply would he necessary. The imperative need is a SUFFICIENCY, and the proposal to confine the issue of such a volume to the owners of our most stable, permanent and widely